Portfolio Recovery Associates, Inc. (PRAA), established in 1996, is a full-service provider of outsourced receivables management and related services. The company purchases, collects and manages portfolios of defaulted consumer receivables that consist of unpaid obligations of individuals to credit originators (banks, credit unions, consumer and auto finance companies, and retail merchants). In addition, the company also provides collection services, including revenue administration for government entities through its RDS and MuniServices businesses, collateral-location services for credit originators via its IGS subsidiary, and bankruptcy servicing through PRA Receivables Management, LLC.
The company recently announced the acquisition of the assets of Broussard Partners & Associates, Inc., which provides audit services to parishes in Louisiana. This transaction further expands Portfolio Recovery’s presences in the government revenue enhancement business. Last month the company acquired MuniServices, LLC, a revenue enhancement firm in California; The Palmer Group in July 2007; and first entered the government sector with its acquisition of RDS in July 2005.
The purchase of Broussard Partners closed on August 1, 2008. Broussard will operate under RDS, and Lisa Broussard, the firm’s president, has entered into a long-term employment agreement with RDS. Financial terms of the cash transaction were not disclosed.
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