£16.7m funding deal from over ‘the Pond’
AN AMERICAN financial company with its UK base at Exchange Quay, Manchester, has agreed a funding deal to boost growth.
In a cross border transaction advised by law firm Pannone Corporate, Invenio Financial, the debt purchas arm of Phillips & Cohen Associiates, has agreed a credit facility of £16.7m from US-based Javlin Capital.
The deal will enable InVenio to acquire increased volumes of account portfolios from the estates of the deceased, across all the countries it services.
PCA co-chairman and chief executive Adam Cohen said: “This capital enables us to expand the options available to creditors seeking to utilise our compassionate estate recovery services in any of our global markets.”
PCA was established in the US in 1998 and quickly built a reputation as a responsible and trusted partner to creditors around the globe. PCA’s global infrastructure includes an office in Manchester, UK, three offices in the US, and offices in Montreal, Quebec, Canada and Melbourne, Australia.
UK managing director Nick Cherry said: “The new credit facility will not only enable the UK and international offices to increase the volume of portfolio acquisitions but also to further build on our reputation for providing excellence service in this highly specialised niche market.”
Richard Cowan, senior associate at Manchester law firm Pannone Corporate who advised InVenio on the credit facility, said: “We are delighted to advise on the funding package which will provide Phillips Cohen Associates with an excellent platform to fund its ambitious growth plans and extend its market leading position in the UK and internationally.”
