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PRA Group sells government services fee-for-service biz

PRA Group Inc. has sold its government services fee-for-service business to Millstein & Co., a financial services, merchant banking and private equity firm.

The deal consideration was $91.5 million in cash plus additional consideration for certain balance sheet items.

PRA Group Chairman and CEO Steve Fredrickson said in a news release that the deal allows the company to increase its focus on its core business. The company plans to use the cash proceeds from the deal to lower its borrowings on its domestic revolving credit facility to allow for future purchases of nonperforming loans.

Lazard Middle Market acted as PRA Group's financial adviser.