Mackenzie Hall snapped up by US giant for £33.5m
Deal set to launch further expansion of fast-growing debt recovery specialist
Mackenzie Hall, one of the UK’s fastest-growing consumer debt recovery firms, has been acquired by market-leading US firm Portfolio Recovery Associates (PRA) for £33.5m in cash.
PRA inked the agreement earlier this week with JZI, the European private equity firm which has held a majority stake in Mackenzie Hall since 2006.
Under the terms of the deal, the existing senior management team of Mackenzie Hall, led by founder and CEO Paul Mackenzie, will take long-term roles in PRA – in the hope of bringing their extensive experience of the UK market to bear.
With gross cash collections in excess of £30m per annum, Mackenzie Hall, which was founded in 2003, has carved an international reputation from its Kilmarnock base.
Discussing the implications of the PRA agreement, Paul Mackenzie said the deal “provides us with unparalleled support in our pursuit of accelerated growth, both in our core contingent collections service, which remains at the heart of the business, and in our on-going purchase of niche portfolios.”
PRA was identified as the preferred bidder following a competitive sale process, which was led by Cavendish Corporate Finance and targeted both strategic and private equity buyers.