{"id":26790,"date":"2012-05-10T11:18:00","date_gmt":"2012-05-10T11:18:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/encore-capital-group-ecpg-announces-acquisition-of-propel-financial-services\/26790\/"},"modified":"2012-05-10T11:18:00","modified_gmt":"2012-05-10T11:18:00","slug":"encore-capital-group-ecpg-announces-acquisition-of-propel-financial-services","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/encore-capital-group-ecpg-announces-acquisition-of-propel-financial-services\/26790\/","title":{"rendered":"Encore Capital Group &#8211; ECPG &#8211; Announces Acquisition of Propel Financial Services"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/05\/Encore.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-26799\" title=\"Encore\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/05\/Encore.png\" alt=\"\" width=\"252\" height=\"67\"><\/a>Encore Capital Group, Inc., (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=ECPG\">NASDAQ:ECPG<\/a>)<\/strong> a leader in consumer debt buying and recovery, today announced the acquisition of Texas-based Propel Financial Services, LLC, a leader in the tax lien acquisition industry.<\/p>\n<p>ECPG President and CEO Brandon Black said: &#8220;Propel has an excellent track record of deploying capital at attractive returns and provides a valuable and affordable service for consumers, consistent with Encore&#8217;s core competencies and principles. The acquisition of Propel will capitalize on Encore&#8217;s expertise in consumer-level analytics and operational capabilities, will leverage the company&#8217;s deep experience assisting financially stressed consumers, and will put ECPG in position to build a significant tax lien acquisition business. The acquisition allows Encore to expand our work with financially stressed consumers and to help a new group of people work toward financial recovery.&#8221;<\/p>\n<p>Propel was founded by Texas entrepreneur Red McCombs and Jack Nelson in 2007. &#8220;I&#8217;m very excited to see Propel continue to grow with Encore Capital,&#8221; said Mr. McCombs. &#8220;Propel is a wonderful company and this is the next step for a great group of people as they look to expand their business.&#8221;<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>The company&#8217;s core business \u2013 tax lien transfers \u2013 assists property owners who are delinquent on their property taxes by acquiring tax obligations from local municipalities and working with property owners to create mutually agreeable payment plans. By assisting property owners with their tax obligations, tax lien transfers provide important revenue to municipal governments.<\/p>\n<p>Propel will retain its name and Texas operations, and current customers will experience a seamless transition. There are no planned personnel changes, and the company&#8217;s leadership will remain in place. &#8220;We built Propel to help homeowners and businesses experiencing financial difficulties pay the much needed property taxes used to maintain and grow their communities,&#8221; said Propel President Jack Nelson. &#8220;Becoming a part of the Encore family is the next step for Propel as we look to increase the positive impact we have on Texans and expand our consumer-friendly services nationwide.&#8221;<\/p>\n<p>ECPG acquired Propel at a purchase price of $187 million, utilizing a new $160 million credit facility and existing cash and credit facilities. The acquisition is expected to be accretive to 2012 earnings.<\/p>\n<p><strong>About Encore Capital Group, Inc.<\/strong><\/p>\n<p>Encore Capital Group is a leader in consumer debt buying and recovery. The company purchases portfolios of defaulted consumer receivables from major banks, credit unions, and utility providers and partners with individuals as they repay their obligations and work toward financial recovery.<\/p>\n<p><strong>About Propel Financial Services<\/strong><\/p>\n<p>Propel Financial Services is a Texas-based private\u00a0refinancer that assists property owners who are delinquent on their property taxes by structuring affordable monthly payment plans. Since its founding in 2007, Propel has focused primarily on the property tax financing industry.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-headed-for-a-mixed-finish-13\/26914\"><br \/>\nStocks Headed for a Mixed Finish<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-hit-four-month-low-silver-prices-down-more-than-1\/26891\"><br \/>\nGold Prices Hit Four Month Low; Silver Prices Down More than 1%<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/polycom-plcm-to-divest-its-enterprise-wireless-voice-solutions-business\/26872\"><br \/>\nPolycom &#8211; PLCM &#8211; To Divest Its Enterprise Wireless Voice Solutions Business<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/u-s-stocks-edge-higher-after-strong-economic-data\/26889\"><br \/>\nU.S. Stocks Edge Higher After Strong Economic Data<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/cigna-corporation-ci-to-acquire-great-american-supplemental-benefits-group\/26873\"><br \/>\nCigna Corporation &#8211; CI &#8211;  To acquire Great American\u00ae Supplemental Benefits Group<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/breitburn-energy-partners-bbep-pleased-to-announce-two-attractive-acquisitions\/26874\"><br \/>\nBreitBurn Energy Partners &#8211; BBEP &#8211; Pleased to announce two attractive acquisitions<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gilead-sciences-gild-fda-advisory-committee-supports-approval-of-gileads-truvada\/26875\"><br \/>\nGilead Sciences &#8211; GILD &#8211; FDA Advisory Committee Supports Approval of Gilead\u2019s Truvada\u00ae<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Encore Capital Group, Inc., (NASDAQ:ECPG) a leader in consumer debt buying and recovery, today announced the acquisition of Texas-based Propel [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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