Press Contact: Mark Russell – 301.404.5757- [email protected]
November 9, 2021: Philadelphia, PA Corporate Advisory Solutions (CAS) is pleased to announce that Security Credit Services (SCS), an Oxford, MS based nationally known and trusted purchaser of both performing and non-performing receivables has acquired Jormandy, LLC, based in Norfolk, VA. CAS initiated the transaction and served as the exclusive M&A advisor to Security Credit Services. The terms of the transaction were not disclosed.
Jormandy, a purchaser and collector of receivables throughout the Commonwealth of Virginia, has embraced the latest in software and technology available within the accounts receivable management (ARM) industry, which is a testament to the company’s focus on compliance and operational efficiencies. The group is led by Ms. Susan P. Becker (CEO) who will be instrumental in the transitioning of leadership to Diane Manning, Jormandy’s lead attorney. Diane Manning, along with team members from its existing staff will remain on board and continue to run its operations in Norfolk, VA working closely with SCS leadership.
Both SCS and Jormandy are RMAi Certified Receivables businesses and very involved in the industry. SCS’ management team has a legacy of taking on active rolls in Industry Associations such as President of RMAi as well as having representatives serve as Board Members and Certification Counsel Chairs.
Mark Russell, Co-Founder and Managing Partner of CAS remarked, “congratulations to both Security Credit Services and Jormandy. Strategic acquisitions in the ARM market are picking up steam and we expect to see this trend of M&A to continue into 2022.”
Nick Ciabattone, Vice President at Corporate Advisory Solutions commented that, ”CAS thoroughly enjoyed working with the respective Security Credit Services and Jormandy teams to get this deal successfully across the finish line. Security Credit Services demonstrated their sophistication, experience, and accommodation throughout the process to help enable a smooth transaction/closing. This acquisition is highly complimentary to the Security Credit Services platform and Corporate Advisory Solutions looks forward to continuing to assist Security Credit Services in their short and long-term vision for growth.”
“SCS and Jormandy have enjoyed a professional relationship that spans over a decade, which makes us extremely excited about welcoming Jormandy into the SCS family. Both firms are award winning industry compliant and trusted which should integrate well into our existing structure. Security Credit Services will continue the Jormandy brand and VA operation as it adds a strategical component to our future initiatives,” stated Kaye Dreifuerst, President of Security Credit Services.
Susan Becker, CEO of Jormandy stated that, “we are very excited to become part of the SCS family. We began our business relationship many years ago and it has continued to strengthen over the years based on our mutual goals and objectives throughout the industry. Jormandy has been involved in the industry for almost twenty-three years. We take pride in working with our consumers to reach the best possible resolution to their financial difficulties in a courteous and professional manner. Our company looks forward to joining Security Credit in continuing to meet these goals.”
This transaction strengthens CAS’ position as a leading provider of Investment Banking services within the Tech-Enabled Outsourced Business Services (OBS) sector specifically within accounts receivable management.
CAS recently published its quarterly newsletter which highlights global deal activity and macroeconomic trends within OBS. A link to the newsletter can be found below:
About Corporate Advisory Solutions
Corporate Advisory Solutions, LLC (CAS) has more than 40 years of combined experience providing independent investment and merchant banking services to the Global Tech-Enabled Outsourced Business Services (OBS) sector. Our deal team has completed over 125 transactions and generated $2B+ in deal value. We provide mergers and acquisitions (M&A) advisory (sell-side and buy-side representation), market research/due diligence support, fair market valuations/fairness opinions, capital raising, and business plan development/implementation services. For more information about CAS, please visit us at www.corpadvisorysolutions.com or follow our LinkedIn page.
Learn more about the CAS team here.
Certain members of CAS are registered with and conduct securities transactions through StillPoint Capital FINRA/SIPC Member. CAS and StillPoint are not affiliated.
About Security Credit Services
SCS is a nationally known purchaser of both performing and non-performing receivables based in Oxford, MS with offices in Atlanta, GA. Approaching its 19th year of service, SCS has purchased and managed more than $13 billion in asset receivables. Its core strengths reside in the trusted partnerships created through effective communications. SCS excels in its approach to data analytics and superior compliance standards shared with our clients. SCS is owned by a privately held investment firm, EquiPro Holdings, also based in Oxford, MS. More information can be found at http://www.securitycreditservicesllc.com
Contact / Inquiries: Security Credit Services Marketing Department – 662-550-2298
Link to original press release: https://equiproinvestments.com/blog/security-credit-services-acquires-commonwealth-va-based-jormandy/
Jormandy is based in Norfolk, VA and operates in the accounts receivable management sector and purchases and collects charged-off debt throughout the Commonwealth of Virginia. Since 1998, the business has leveraged software and technology to optimize performance and enhance liquidation performance. More information can be found at https://www.jormandy.com/