National Asset Recovery Services Acquires Another Leading Third-party Collections Agency
April 6, 2011 – Greenberg Advisors announced today that H.I.G. Capital portfolio company National Asset Recovery Services, Inc. (NARS), has acquired Integrity Financial Partners (Integrity), a leader in third-party debt collection services. Integrity is a leading accounts receivable management (ARM) firm with a diverse, blue chip client base including many prominent national credit grantors. Greenberg Advisors initiated and advised H.I.G., NARS, and Reprise Management Group (Reprise) throughout the transaction.
Brian Greenberg, CEO of Greenberg Advisors, said, “This should be a successful deal on all sides. Among other things, NARS gains significant client diversification and expansion opportunities with major credit grantors, along with a highly respected management team and an infrastructure built for growth.” Commenting further, Greenberg said, “While we work with a large variety of clients ranging from owners seeking to grow or sell, highly qualified buyers, and senior executives, we’re pleased to have executed this, our 4th transaction with H.I.G. Capital in the past 18 months.”
Chris Buehrle, NARS CEO, commented, “Integrity is a highly regarded, rapidly growing accounts receivable management firm. Integrity has a demonstrated track record as a leading provider to the world’s largest and most demanding blue chip clients. Integrity Chairman A.L. Summerlin, Integrity President Nick Petrini, and their talented group of management and collectors will complement and bolster the outstanding team we have assembled at NARS.”
A.L. Summerlin, who will continue as Chairman of Integrity and will join the NARS Board of Directors, added, “We’re excited about the opportunity to leverage NARS’ experience and resources and continue our track record of growth. NARS’ proven operating strategy, strategic footprint, solid management team, and robust financial backing were strong considerations for us, and we believe this will help Integrity capitalize on its next stage of growth.”
Nick Petrini will remain President of Integrity, and other key members of management will retain their current roles. Integrity’s three domestic sites, which will continue operating under the Integrity name, add depth and expertise to NARS’ existing ARM operations. The Integrity acquisition will increase NARS’ domestic footprint to eight call centers, for a total of eleven sites in the United States, Jamaica, Chile and Panama.
“Integrity is the fourth recent ARM investment for H.I.G. Capital in collaboration with Tim Bauer of Reprise Management Group, and demonstrates our commitment to the sector. We set out to partner with the highest quality companies and management teams in the industry, and the Integrity acquisition furthers that goal following our acquisitions of NARS and Pinnacle, as well as TRAKAmerica, in the last 18 months,” commented Jeff Zanarini, Managing Director at H.I.G. Capital.
Tim Bauer commented, “We believe the combination of NARS, Integrity and Pinnacle Financial Group, which was acquired by NARS in November 2010, establishes a unique collection of the most blue chip clients in the industry, coupled with a domestic and near-shore footprint of over 10 sites to service those clients’ first and third party receivables needs in a one-stop fashion, and a pool of management talent devoted to customer needs and operational excellence to achieve that goal.”
About Greenberg Advisors
Greenberg Advisors, LLC provides value-added strategic advice to clients in the Accounts Receivable Management and related Specialty Finance sectors worldwide. With 15 years of experience dedicated to this niche, and the completion of more than 70 Merger & Acquisition (M&A) and strategic advisory transactions, the firm’s success is a result of its distinct client-first approach, deep sector expertise, and roll-up-the-sleeves hard work. Greenberg Advisors offers market-leading advisory services focused on M&A, Capital Raising, and Valuation, as well as a variety of analytical and planning services to assist clients in understanding and enhancing the value of their business.
Integrity Financial Partners is one of the fastest growing ARM companies in the U.S. The company employs over 300 people at four call centers in Overland Park, KS, St. Charles, MO, Columbus, OH and Santiago, Chile. For more information, refer to the Integrity website at www.integrityifp.com
NARS is a leading ARM / BPO firm founded in 1993 and is one of the largest private ARM / BPO companies in the U.S. Headquartered in St. Louis, MO. NARS employs more than 3,000 people at call centers in St. Louis and Cape Girardeau, MO; Minneapolis and Monticello, MN; Decorah, IA; Panama City, Panama; and Montego Bay, Jamaica. For more information, refer to the NARS website at www.narsnet.com.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $8.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, New York, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. For more information, refer to the H.I.G. website at www.higcapital.com.
Reprise Management Group was formed through a partnership between H.I.G. Capital and Tim Bauer, a 26-year veteran in the ARM sector. Reprise was formed for the specific purpose of acquiring premier ARM service providers and then growing the businesses through a combination of acquisitions and organic growth.