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J.C. Flowers-led investors to acquire 25% of Encore Capital
By Lisa Kerner
Charlotte, N.C., April 23 - Encore Capital Group, Inc. said an investment vehicle jointly funded by affiliates of J.C. Flowers & Co. and FPK Capital agreed to acquire 5,737,032 shares of Encore common stock from C.P. International Investments Ltd., Triarc Cos., Inc. and related parties in a privately negotiated transaction.
The investment vehicle will become the largest stockholder of Encore Capital with shares representing about 25% of the common stock outstanding, according to a company news release.
In a separate transaction, Red Mountain Capital Partners LLC purchased 3,435,062 shares, or approximately 15%, of Encore common stock, schedule 13D filings with the Securities and Exchange Commission stated.
Representatives of J.C. Flowers, FPK Capital and Red Mountain are expected to join Encore Capital's board of directors in May. Encore Capital said Raymond Fleming, treasurer of Consolidated Press Holdings Ltd., Eric D. Kogan, partner of Clarion Capital Partners, and Peter W. May, president and chief operating officer of Triarc Cos., are expected to step down from the board.
"We view J.C. Flowers, FPK Capital and Red Mountain as strong partners in building long-term value for Encore and all of its stockholders," Encore Capital president and chief executive officer J. Brandon Black said in the release.
"We have developed our relationship with Red Mountain over the past year and are pleased to see them take a significant position in the company and we look forward to a productive relationship with J.C. Flowers and FPK Capital."
Encore Capital purchases and manages charged-off consumer receivables portfolios and is located in San Diego.
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