Millstein & Co. LLC acquired MuniServices, LLC, Broussard Partners & Associates, Inc., PRA Government Services, LLC and RamWare LLC from PRA Group, Inc. for $91.5 million.
January 25, 2017
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Millstein & Co. LLC acquired MuniServices, LLC, Broussard Partners & Associates, Inc., PRA Government Services, LLC and RamWare LLC from PRA Group, Inc. (NasdaqGS:PRAA) for $91.5 million in cash on January 24, 2017. The acquisition also includes additional consideration for certain balance sheet items. The acquisition will result in the formation of Government Revenue Solutions (GRS). As part of the transaction, Craig Adler will assume the role of Executive Chairman and Chief Executive Officer for GRS. Operating company leaders Doug Jensen, Kennon Walthall, Lisa Broussard and Patrick Scott will remain in their roles and provide continuity for clients going forward. PRA Group intends to use the cash proceeds to reduce borrowings on the domestic revolving credit facility creating capacity for future purchases of nonperforming loans. Lazard Middle Market LLC acted as financial advisor to PRA Group.
Millstein & Co. LLC completed the acquisition of MuniServices, LLC, Broussard Partners & Associates, Inc., PRA Government Services, LLC and RamWare LLC from PRA Group, Inc. (NasdaqGS:PRAA) on January 24, 2017.
PRA Group, Inc. is a financial and business services company with operations based primarily in the Americas and Europe and Australia. The Companyâs primary business is the purchase, collection and management of portfolios of nonperforming loans. The accounts it purchases are primarily the unpaid obligations of individuals owed to credit originators. It purchases portfolios of nonperforming loans at a discount in two categories: Core and Insolvency. Core operation specializes in purchasing and collecting nonperforming loans, which it purchases since the credit originators have chosen not to pursue, or have been unsuccessful in, collecting the full balance owed. Insolvency operation consists primarily of purchasing and collecting nonperforming loans where the customer is involved in a bankruptcy proceeding, or the equivalent thereof, in certain European countries. It also provides fee-based services on class action claims recoveries in the United States.
Millstein & Co. LLC acquired MuniServices, LLC, Broussard Partners & Associates, Inc., PRA Government Services, LLC and RamWare LLC from PRA Group, Inc. for $91.5 million.
PRA GROUP, INC. 
