Data and Contact Management Solutions, LLC (“DCM”) is a data-driven, technology-enabled estate recovery firm servicing many of the largest credit grantors and healthcare organizations in the U.S. Greenberg Advisors was engaged by DCM and its private equity owner, Norwest Equity Partners, to develop and execute the most viable strategy for maximizing the value of DCM, given DCM’s unique service and technology platforms. Having achieved many years of profitable growth driven by a highly capable management team, DCM had become the clear market leader in its niche. As a result of GA’s process expertise and industry depth, we received multiple competitive offers from strategic and financial buyers, and completed the transaction at a substantial valuation with the buyer that offered the best terms for the shareholders and the best fit for management.
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Diversified Healthcare Resources (DHR) is a dominant, high-growth player in the eligibility and enrollment sector, providing services and a unique technology platform to major hospitals and health systems throughout California. DHR hired Greenberg Advisors after it was approached by Cardon Outreach regarding a potential transaction. Greenberg’s first key role in this relationship was to determine Cardon’s level of interest and its valuation of DHR, which Greenberg did within the first week of being retained. Greenberg further facilitated the transaction discussions, managing the diligence process through the completion of the transaction. This transaction represents a significant step forward for DHR’s clients and its staff, which will benefit from greater opportunities and a wider breadth of services focused specifically on Revenue Cycle Management.
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This transaction resulted from our efforts on behalf of a mid-market PE firm that engaged Greenberg Advisors to identify and engage in dialogue with candidates that fit their growth strategy, both geographically and within the healthcare industry. The acquired company is a well-established provider of healthcare receivables management services in the upper Midwestern U.S. The selling shareholder valued the buyer’s deep understanding of his business, their commitment to his staff and clients, and their ability to quickly conclude an equitable transaction. This acquisition makes sense for both buyer and seller, particularly given the investments required in order to operate and grow a small to mid-sized receivables management firm in today’s market.
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Our client is a private equity-backed provider of healthcare ARM / RCM services to large and mid-sized health systems. Greenberg Advisors was engaged for buy-side search and advisory services to expand our client’s geographic coverage and to accelerate growth. Greenberg Advisors held detailed discussions with well over 60 qualified targets, carefully vetting and analyzing financial and operational data provided to assess the potential strategic fit with our client. This transaction, which involved the acquisition of a well-run regional provider of bad debt collection and early-out services, significantly strengthens our client’s market share and is an excellent cultural fit for both companies.
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CU Collections provides early stage, pre-chargeoff receivables management services for credit union clients throughout the U.S. Greenberg Advisors was engaged by FedFinancial Federal Credit Union, which owns CU Collections, to create and execute a strategy for identifying, negotiating and structuring a strategic and financial partnership with the most attractive partner. A transaction was completed with Collection Bureau Hudson Valley (CBHV), a well-established ARM firm offering post-chargeoff 3rd party receivables management and other services to clients in the financial and healthcare segments. The partnership with CBHV will enable both companies to broaden their suite of service offerings, leverage the expertise of the other and more effectively fulfill their growth objectives.
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This transaction began with our advising a senior executive, Tim Bauer, regarding his objective to create a substantial ARM firm through acquisition and organically driven growth. Greenberg Advisors assisted Mr. Bauer in developing and refining his plan, describing it properly to potential funding partners, and securing attractive terms with the funding partner best suited to support Bauer's goals. Having solidified an exclusive funding partnership with H.I.G. Capital in Spring 2009, we further advised both H.I.G. and Bauer in the pursuit of acquisition candidates through a newly created entity, Reprise Management Group. The acquisition of NARS, with over 3,000 employees and operations in the US, Panama, and Jamaica, is the first transaction for Reprise and will serve as its platform to further expand its BPO and 1st Party servicing expertise.
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FAMS is a leading servicer of the federal Department of Education student loan collection contract, and services additional marquee clients in the banking and retail sectors. FAMS' founding shareholders sought to maximize the value of FAMS through a sale of the company. The transaction was consummated after a competitive auction process to maximize value, resulting in an $88 million transaction for the shareholders.
West Corp., a publicly-held customer relationship management (CRM) business with a market capitalization of approximately $1 billion, sought to optimize its global call center infrastructure and client relationships through the acquisition of a well-managed ARM firm. Greenberg co-led this effort, resulting in the acquisition of Attention LLC, a fast-growing firm servicing clients in healthcare, auto deficiency, and financial services.
TRAK is the largest independent firm in the United States providing data analytics and legal inventory management of charged-off consumer receivables. H.I.G. sought to acquire a niche service provider within the ARM industry, and it was TRAK’s management team, scale, unique legal approach, and its use of proprietary analytics that contributed to H.I.G.’s interest. This acquisition marks H.I.G.'s second recent transaction in ARM, and is intended to serve as a platform for complementary acquisitions. Greenberg Advisors initiated the transaction and provided advisory services to H.I.G. throughout.
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NCM is a national purchaser and servicer of secured and unsecured bankruptcy-impaired consumer receivables. NCM's shareholders sought to maximize their investment by structuring a transaction with the right strategic partner, and to remain active in the operations. Key elements of the transaction included the sale of equity to an investor group possessing key strategic relationships to help fuel growth, as well as the establishment of a credit facility with Siemens First Capital for portfolio purchases, more than tripling NCM's purchasing capability. Greenberg’s comprehensive buyer/investor relationships led to this new buyer and new capital entering the ARM industry.
RMA was among the top 10 largest ARM firms in the US, serving major credit grantors, primarily in the financial and telecom sectors. Brian Greenberg co-led the engagement for Chicago-based private equity firm, GTCR, to divest RMA, resulting in a sale to NCO Group for $118 million.
Our client is a national provider of consumer and commercial collection services, with a defined specialization in the collection of student loan receivables. We were engaged to secure debt capital to be used in order to build out the company’s infrastructure for several large new contracts. Given Greenberg Advisors’ comprehensive relationships with lenders interested in all facets of consumer finance, we established credit facilities for this client within 95 days with two different lenders. This funding enables our client to pursue its growth objectives from a well-capitalized position.
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H.I.G. Capital, through its portfolio company, National Asset Recovery Services (NARS), acquired Integrity Financial Partners in order to bolster its presence in the third-party ARM segment. Integrity, with over 300 employees, services many of the largest blue chip credit grantors in the United States. The acquisition will bring many benefits to the NARS operating platform, including the integration of Integrity’s senior management team and high-end infrastructure, which is comprised of three US-based call centers and one call center based in Santiago, Chile. This is the fourth recent investment by H.I.G. and Reprise Management Group into the ARM sector within an 18 month period.
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CBV Collection Services Ltd. is a major servicer and purchaser of charged-off receivables in the Canadian market. The firm is based in Vancouver, British Columbia and maintains offices throughout Canada. As part of its growth strategy, CBV sought to acquire an ARM firm in the United States to serve as its platform for accessing the much larger charge-off volumes that are available in the US. They engaged Greenberg Advisors to advise them in validating, fine-tuning, and executing their strategy, resulting in the acquisition of Primary Financial Services, based in Phoenix, Arizona. Primary, which focuses on the collection of financial and related charge-offs for major credit grantors, is an excellent fit for CBV both culturally and strategically, and is an ideal platform for CBV's entry into the US market.
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H.I.G. Capital, through its affiliate, National Asset Recovery Services (NARS), sought to build upon its BPO and first-party outsourcing capabilities by expanding significantly into third-party debt collection. Greenberg Advisors led the buy-side process, which included a targeted search for firms meeting their criteria and due diligence advisory, culminating in this acquisition. Pinnacle Financial Group, a growing mid-sized ARM firm, provides debt collection and related services for clients in many sectors, including healthcare, financial services, education, telecommunications, consumer/retail, and auto loans. The combined companies will employ approximately 3,500 people. This represents the third recent investment by H.I.G., in collaboration with Reprise Management Group, in the ARM sector.
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Great Lakes was an established national provider of debt collection for financial institutions and municipal governments. GE Capital sought to divest this subsidiary and its pool of owned paper, which totaled $3.3 billion in face value. Brian Greenberg’s involvement resulted in a sale of the company and its portfolio for $33.5 million to NCO Group, as well as the establishment of a multi-year agreement for NCO to provide ongoing services to GE Capital.
Academy is a national provider of contingency debt collection services for major credit card/bank card issuers and debt purchasers. The shareholder sought to divest the company and provide opportunities for his management team post-transaction.
Sallie Mae sought to acquire a leading servicer and purchaser of credit card and related receivables. Greenberg co-led the comprehensive buy-side program to identify and acquire the best possible platform to meet Sallie Mae's goals, culminating in the acquisition of a majority stake in Arrow Financial.
Universal Fidelity L.P. (UFLP) filed for Chapter 11 bankruptcy in early 2010, requiring that it sell selected assets in order to satisfy obligations due to creditors. Greenberg Advisors was approved in late February by the United States Bankruptcy Court to represent UFLP regarding the sale of its Panamanian ARM/BPO division. Our relationships with investors seeking an opportunity with these characteristics enabled us to contact a narrow group of highly capable parties, and close the transaction quickly -- within 60 days -- while maximizing the value for UFLP. As a result of this transaction, UFLP can focus on expanding its Houston operations, and National Recovery Agency has gained a strategically important near-shore platform to service its clients.
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Resurgence Capital is an established purchaser and collector of charged-off credit card receivables that utilizes a state-specific legal collection strategy. The shareholders sought to establish a new lending relationship in order to expand their portfolio purchasing capability and to buy out a former lender. They engaged Greenberg Advisors to lead the process of finding the most suitable financial partner to help accomplish their goals. As a result, Resurgence secured a senior credit facility with Javlin Capital, a group comprised of industry executives who are experienced lenders to the ARM and Debt Purchase sector.
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BCC is one of the most established commercial (business-to-business) debt collection agencies in the country. In order to transition to retirement, BCC’s shareholder sought to liquidate his interest while preserving the future of the Company. BCC was acquired by an investor never before known to the debt collection industry.
Vertex, a subsidiary of United Utilities (a publicly-held utility based in the United Kingdom) and provider of business process outsourcing (BPO) services, sought to establish a presence in the US with the acquisition of an ARM firm. Brian Greenberg co-led the nationwide engagement, which resulted in a structured transaction with FRA, a growing ARM firm servicing clients in the utility and financial services sectors.
Our client is a national provider of consumer and commercial collection services, with a defined specialization in the collection of student loan receivables. We were engaged to secure debt capital to be used in order to build out the company’s infrastructure for several large new contracts. Given Greenberg Advisors’ comprehensive relationships with lenders interested in all facets of consumer finance, we established credit facilities for this client within 95 days with two different lenders. This funding enables our client to pursue its growth objectives from a well-capitalized position.
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TFC's shareholders had built a unique analytics and debt collection platform for debt buyers and financial services clients. With a mandate to quickly consummate a transaction, the deal was completed within approximately 2 months from the time of engagement, and sold to a proven strategic buyer.
MCS specializes in providing debt collection services to healthcare providers. The shareholder of MCS had been approached by a buyer and wanted to continue the discussions to determine the feasibility of a transaction. Upon engagement, deal discussions were seamlessly assumed, and terms were further negotiated and agreed upon, resulting in a successful sale to The Outsource Group.
A result of GA’s buy-side acquisition services for a mid-market PE firm and its platform company, this transaction expands our client’s presence in the healthcare services market. This is the third acquisition that GA has facilitated for this client in the past 14 months. The transaction is an excellent strategic fit for GA’s client as the acquired company provides the exact services sought in the desired geography, works on the same software platform as the acquirer, and offers many operating synergies. Satisfying the diverse goals of both selling shareholders, one shareholder will transition into retirement while the other will remain in a key role with the company.
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Our client offers mainly bad debt and early-out services for healthcare providers. The Shareholders hired GA to complete a valuation for business planning purposes.