Encore Capital Group
 |
|
| Public | |
| Traded as |
NASDAQ: ECPG S&P 600 Component |
| Industry |
Financial services, Debt buyer Debt-collection |
| Founded | 1953 |
| Headquarters | San Diego, California, United States |
|
Key people
|
Ashish Masih, President & CEO |
| Products | Specialty finance |
| Services | Collections and recoveries |
| Revenue |
|
|
Number of employees
|
~ 7,000 (YE 2017) |
| Subsidiaries | Midland Credit Management, Inc. |
| Website | Encorecapital.com |
US$ 1.04 billion (FY 2016)
Encore Capital Group, Inc. and its subsidiaries form the largest publicly traded debt buyer by revenue in the United States. It has established operations in 11 countries. Its subsidiaries purchase portfolios of consumer receivables from major banks, credit unions, commercial retailers, and telecommunications companies, and work with individuals to repay their debts. At the corporate level, debt collection is high profitable and Encore Capital enjoyed revenue growth from $545 million in 2012 to $1.029 billion in 2016. The firm is a publicly traded NASDAQ Global Select company (ticker symbol ECPG), a component stock of the Russell 2000, the S&P SmallCap 600, and the Wilshire 4500.
Encore Capital Group’s wholly owned operating subsidiary, Midland Credit Management, Inc., was founded in 1953 and was incorporated in Kansas in September 1953. In 1998, an investor group led by Nelson Peltz and Peter May (members of Triarc Companies, Inc. management) and Kerry Packer of Consolidated Press International Holdings Limited, acquired a majority interest in its operations.The group formed a holding company, which it incorporated in Delaware in April 1999 as MCM Capital Group, Inc., later renamed Encore Capital Group, Inc. in April 2002. The company completed its initial public offering of 2,250,000 shares of common stock in July 1999. In June, 2013, Encore acquired Asset Acceptance Corporation ( NASDAQ: AACC), another large publicly held debt buyer based in Warren, Michigan. This increased the size of Encore Capital. In 2013, Encore began a series of acquisitions of international debt buying companies. These include Cabot Credit Management in the UK and Ireland, Refinancia S.A. in Colombia and Peru, Mexico with other Latin America locations, and Baycorp Holdings in Australia. In 2014, Encore Capital acquired Virginia-based Atlantic Credit & Finance.
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