Greenberg Advisors develops, structures and executes plan to create new ARM firm
December 2, 2009 – Greenberg Advisors, LLC (Greenberg) announced today that an affiliate of H.I.G. Capital, a leading global private equity firm, in conjunction with Reprise Management Group (“Reprise”), has completed a significant investment in National Asset Recovery Services (NARS). Headquartered in St. Louis, Missouri, NARS is an industry leading provider of Accounts Receivable Management (ARM) and Business Process Outsourcing (BPO) services.
Greenberg Advisors’ role in this transaction is unprecedented in the ARM industry. Greenberg’s involvement began by advising senior industry executive, Tim Bauer, regarding his goal to create a diversified ARM firm through acquisition and organically driven growth. Greenberg assisted Mr. Bauer in developing and refining his plan, marketing it to potential funding partners, and securing terms with the partner best suited to support Mr. Bauer’s goals. Having structured the exclusive funding partnership with H.I.G. Capital in April 2009, thus creating Reprise Management Group, Greenberg was then retained to advise the parties in the next phase of the plan, which included further strategy development and the pursuit of acquisition candidates for Reprise, leading to this transaction with NARS.
Brian Greenberg, Managing Director and CEO of Greenberg Advisors, notes “We’re thrilled to have advised Tim Bauer and H.I.G. Capital in the creation of Reprise, taking it from a mere concept to a reality. The completion of this transaction, particularly given today’s financial environment, is a testament to the investor interest that exists for excellent ARM platforms, such as the one built by the NARS management team.”
NARS is a leading ARM/BPO provider in the “near-shore” markets of Central America and the Caribbean with flagship operations in Panama City, Panama and Montego Bay, Jamaica, as well as domestic sites in St. Louis and Cape Girardeau, Missouri. NARS services some of the leading Fortune 500 companies across a variety of industries including telecommunications, financial services, automotive credit and consumer products. NARS employs over 3,000 service professionals, and last year was named by Inc. magazine as one of the fastest growing companies in St. Louis.
Formed for the specific purpose of making strategic investments in premier ARM companies, NARS is Reprise’s first acquisition and will be a platform on which its first-party ARM services growth will occur. H.I.G. Capital Managing Director Jeff Zanarini commented, “We are excited to invest in NARS, an organization that has a proven ability to provide the highest level of service to its clients’ most demanding requirements. We are also pleased to be joining forces with Tim Bauer, a 25-year veteran and one of the most respected executives in the ARM industry.”
Tim Bauer commented, “NARS is the first piece of the Reprise puzzle. NARS CEO Chris Buehrle and his team have built an exceptional business. Its on-shore / near-shore strategy is timely and efficient, and NARS is uniquely poised for additional growth.”
Christopher H. Buehrle, President and CEO of NARS commented, “We’re looking forward to working with H.I.G. and Reprise. This team offers NARS a unique combination of financial strength and sector expertise. This investment allows NARS to continue to provide our client partners with exceptional service, deepen our service offerings, and continue fueling our strong year-over-year growth.” All of NARS’ existing management will remain with the company.
About Greenberg Advisors
Greenberg Advisors, LLC is among the most experienced and active strategic advisors to owners, executives and investors in the Accounts Receivable Management (ARM) industry worldwide. With nearly 15 years of experience dedicated to the ARM sector, the firm’s principal has completed more than 60 M&A, corporate finance and strategic advisory transactions in ARM. Clients have included Fortune 500 firms, public and privately-held entities, and private investment firms, as well as many entrepreneurial and family-owned businesses. Transaction experience spans virtually every aspect of the ARM sector to include a variety of servicers and purchasers of consumer or commercial debt, BPO firms, vendors and technology providers to the industry. The firm offers proven advisory services focused on M&A, capital raising, growth, and valuation. More information can be found at www.greenberg-advisors.com.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York 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. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
About Reprise Management Group
Reprise Management Group was formed in April 2009 through a partnership with H.I.G. Capital and Tim Bauer, a 25-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.
About National Asset Recovery Services
NARS is a leading ARM / BPO firm founded in 1993 by Christopher H. Buehrle and is one of the largest private ARM / BPO companies in the U.S. Headquartered in St. Louis, NARS employs more than 3,000 people at call centers in St. Louis and Cape Girardeau, Missouri; Panama City, Panama and Montego Bay, Jamaica. The company’s on-shore / near-shore business model provides BPO services, first-party, early stage collection services and third-party recovery collections to some of the largest and most recognizable companies in the U.S.