Encore Capital Group, Inc. (NASDAQ:ECPG) was founded in 1953 and is headquartered in San Diego, California, with 8,236 full-time employees. It is a financial services company that specializes in processing accounts receivable.
Encore Capital Group (ECPG):
Encore Capital Group is a professional financial company, together with its subsidiaries, to provide consumers and owners with debt recovery solutions for financial assets worldwide. Encore Capital Group is divided into two departments to operate: portfolio acquisition and restoration, and tax liens.
1. Combination purchase and recovery business : The purchase combination is a combination of the purchase discount face value and the default consumer receivables. It also cooperates with individuals to manage these combinations, and completes financial recovery when they repay their debts. This business also includes portfolio debt management, which has higher balances and semi-fulfilled accounts, and the management of outstanding loans. In addition, the business also provides portfolio management services to banks for unfulfilled loans, financing solutions to individuals who have previously defaulted on debts, payment plan guarantee and escrow services to business personnel, and loan guarantee services to financial institutions. There is also the focus of this business on consumer unfulfilled loans including bankruptcy and non-bank receivables.
2. Tax lien business : engage in the acquisition and service of tax lien in residential and commercial real estate industries. The business works directly with the owner to structure an affordable payment plan by paying the property tax arrears in the name of the owner in exchange for a payment agreement secured by a property tax lien. The business is also engaged in the purchase of tax liens directly from the tax authorities. The property tax lien of this business includes Texas tax liens, Nevada tax liens and tax liens in different states.
Encore Capital Group (ECPG) subsidiary:
- Midland Credit Management (United States)
- Propel Financial Services (United States)
- Grove Capital Management (Ireland, Spain, United Kingdom)
- Cabot Credit Management (Ireland, Spain, United Kingdom)
- Marlin Financial Services (Ireland, Spain, United Kingdom)
- Lucania Gestión (Spain)
- Baycorp (Australia, New Zealand)
- Refinancia (Colombia and Peru)
Encore Capital Group (ECPG) history:
- In September 1953, Midland Credit Management, Inc., a wholly-owned subsidiary of Encore Capital Group, was established in Kansas;
- In 1998, the investment team led by Nelson Peltz, Peter May (part of Triarc Companies, Inc.) and Kerry Packer (part of Consolidated Press International Holdings Limited) acquired Midland Credit Management, Inc.;
- In April 1999, the company established the holding company MCM Capital Group, Inc.;
- In July 1999, MCM Capital Group IPO and listed on Nasdaq;
- In April 2002, MCM Capital Group, Inc. changed its name to Encore Capital Group, Inc.;
- In June 2013, Encore Capital Group acquired Asset Acceptance Corporation (formerly NASDAQ:AACC), a large listed bond buyer located in Warren, Michigan;
- In 2014, Encore Capital acquired Atlantic Credit & Finance in Virginia.