Receivable investment services provider VION Receivable Investments (VION) has purchased a commercial credit card portfolio comprising nearly $6m in performing and $67m in charged-off debt.
VION executive vice president Larry Curran said that company has support of $5bn in financial resources, as well as a lean and experienced management team to acquire commercial or consumer assets anywhere in the receivable lifecycle.
"These combined strengths gave us the ability to respond with speed and flexibility, and delivered an excellent solution for the seller," Curran added.
The acquired portfolio further boosts VION’s position as a leading buyer of credit card assets, claims the acquirer.
The company is planning to solidify its overseas operations through its subsidiary VION Europa as well will remain operating in other sectors.
Headquartered in Atlanta, Georgia, VION provides receivable investment services to businesses managing consumer and commercial receivables.
The company delivers a single, comprehensive source of expertise in receivable financing, debt purchasing, receivables process consulting, and valuation / appraisal of receivable portfolios.