By Mark Russell
Monday, February 3rd, 2014
Corporate Advisory Solutions, LLC announces its first ARM transaction!
Philadelphia, PA – February 3, 2014 – The securities registered principals of Corporate Advisory Solutions, LLC, is proud to announce the completion of its first transaction in the Accounts Receivable Management (ARM) industry.
Credit Control, LLC, headquartered in St. Louis, MO, acquired Professional Recovery Services, Inc. (“PRS”), a Voorhees, New Jersey based provider of third-party debt collection services to large financial institutions and other blue chip credit grantors. The transaction was completed in December 2013.
According to Michael Lamm, President & CEO of CAS, “It was a pleasure to represent PRS in the marketplace. PRS established a reputation for strong performance and regulatory compliance in the credit card sector, and leveraged these core competencies to win business in other consumer markets.”
At the time of the transaction, PRS supported roughly 170 employees in three locations. Jack McCusker, the owner of PRS, will remain involved transitionally prior to pursuing other business interests. Jack commented, “PRS is a great company that has found a good home. While I enjoyed my time there and in the ARM industry, I am looking forward to moving on and pursuing other activities. I truly appreciate the advice and support that I received from Michael and the CAS team during this engagement, and would highly recommend them to other business owners seeking to sell their companies.”
Doug Jacobsen, Chairman of Credit Control, stated, “We are delighted to own PRS and look forward to growing this business as part of the Credit Control family. PRS’ strong reputation in the financial services sector will compliment Credit Control’s family of ARM companies.”
Rick Saffer, President and CEO stated, “This acquisition couldn’t be a better fit for both companies. There is very little overlap in the client base, the leaders of both organizations have worked together in the past, and both companies work on similar collection platforms. PRS will have the benefit of Credit Control’s strong balance sheet and capital sources while Credit Control will have access to some of the largest creditor’s in the country. This acquisition also fits perfectly with Credit Control’s strategy of providing a diversified one-stop solution for our clients.”
Credit Control will continue to be acquisitive of ARM companies and distressed consumer asset portfolios.
About Credit Control
For more than 20 years, Credit Control, LLC has been a nationally licensed, full-service receivables organization providing customized solutions to meet the individual revenue cycle needs of each of our clients. Credit Control has continued to focus on partnering with clients to collect their past-due accounts receivable balances and develop strategies to further maximize their financial results. Credit Control’s history in the collection industry started in 1989 and currently serves over 450 clients. Credit Control, LLC was formed in 2006 by purchasing a 17 year old agency.
About Professional Recovery Services, LLC
Professional Recovery Services, Inc. (PRS) is a privately held company offering debt collection and accounts receivable management services nationwide. PRS’ corporate offices are located in Voorhees, NJ. In addition to PRS’ corporate offices, PRS maintains Branch offices in Vineland, NJ and Las Vegas, NV. PRS primarily services the following stages of delinquency: early out / pre collection servicing, primary and secondary charged off portfolios. PRS has a long established reputation providing services for the banking and financial services industries with a focus on credit card, consumer loans, auto, mortgages, student loans, commercial and government accounts.
Founded in 2013, CAS is a merchant bank that strategically partners with clients to build, grow and sell successful businesses. Members of CAS are registered representatives with the FINRA Member broker-dealer StillPoint Capital LLC, Tampa, FL. CAS specializes in the outsourced businesses services (OBS) sector. Its deal team has completed over 70 transactions representing nearly $2 billion in shareholder value for a variety of clients – from small family businesses, to Fortune 500 companies, to various financial investment firms. CAS operates from two offices based in Philadelphia, PA and Olney, MD.