Encore Capital Group has announced that it has completed its acquisition of the remaining interest in Cabot Credit Management (Cabot) meaning that Cabot is now a wholly owned subsidiary of Encore. The transaction is expected to be accretive to Encore earnings in 2018 and beyond, and Encore’s earnings per share growth are expected to accelerate to at least 20 per cent in 2018.
Ashish Masih, President and CEO of Encore said “The completion of the acquisition of Cabot is a transformational event for Encore that solidifies our global leadership position in our sector, and represents a natural continuation of the path we embarked on when we first acquired a stake in Cabot in 2013. Cabot has successfully grown and expanded over the course of the past five years, and we view it as the best platform to take advantage of the significant, attractive opportunities to deploy capital in Europe.”
Ken Stannard, Chief Executive Officer of Cabot. said “Since Encore’s initial investment in Cabot, we’ve been able to significantly increase our scale, improve our operational capabilities and achieve meaningful efficiency gains. This transaction is great news for Cabot employees, clients and customers alike, as it strengthens our ability to achieve our growth goals with a partner who deeply understands our business and shares our commitment to treating people fairly and respectfully.”