Asta Funding Announces Acquisition of VATIV Recovery Solutions LLC
biz.yahoo.com
Monday February 6, 8:30 am ET
ENGLEWOOD CLIFFS, N.J., Feb. 6 /PRNewswire-FirstCall/ -- Asta Funding, Inc., (Nasdaq: ASFI), a leading consumer receivables asset management and liquidation company, today announced that it has entered into a definitive agreement to acquire VATIV Recovery Solutions LLC. VATIV, located in Sugar Land, Texas, has been providing nationwide bankruptcy and deceased account servicing since 1989, and specializes in the intricate procedures that support maximum recovery for these difficult account segments. The acquisition is anticipated to close in the next two weeks. Financial terms were not disclosed.
Gary Stern, Chief Executive Officer of Asta, said, "We are very excited with the acquisition of VATIV Recovery Solutions LLC as this will provide Asta with internal experience and proprietary systems in support of servicing our own bankruptcy and deceased accounts, while also affording us the opportunity to enter new markets for acquisitions in the bankruptcy and deceased account fields. Additionally, the principals of VATIV bring years of expertise in bankruptcy recovery and vast experience and relationships within the credit card industry. We feel this addition will enhance Asta's position in light of the new Bankruptcy Reform Act of 2005."
Danen Shiek, EVP of VATIV, said, "We are very excited to become a part of Asta Funding. Our current and future clients can expect an expansion of our solutions from this combination of VATIV's core skills and Asta's financial strength and expertise with portfolio acquisitions." |
