Credit Corp has acquired Baycorp Holdings, giving it entry into the New Zealand debt collection agency business.Credit Corp is buying the business from US debt collector Encore Capital for A$65 million. Encore had been involved with Baycorp since 2015.Baycorp has operations in Australia and New Zealand, including a purchased debt ledger book and an agency collection business.The company was established in 1956 in New Zealand, where it has a strong market position. It entered the Australian market in 1999 through a joint venture with credit bureau company Data Advantage and Commonwealth Bank.The business has been through several restructures and changes of ownership since then. In 2006, the collections and credit reporting parts of the business were separated.Credit Corp said the acquisition has been funded entirely from Credit Corp's committed and undrawn bank facility. After the acquisition the company still has debt headroom of $165 million. Credit Corp reported net profit of A$70.3 million for the year to June - an increase of 9 per cent over the previous corresponding period. Revenue was up 8 per cent to $324.2 million.