PRESS RELEASE
AUSTIN, TX and RALEIGH, NC – January 12, 2016 – Greenridge Investment Partners, an Austin, Texas based private equity firm, today announced it has partnered with management to acquire Consolidated Asset Recovery Systems, Inc., a leader in repossession and remarketing software and services.
Consolidated Asset Recovery Systems has been recognized for significant and consistent growth over the past several years, having been named several times to both the Inc. 500 list and the Triangle Business Journal’s Fast 50.
Consolidated Asset Recovery Systems’ IBEAM portal technology is the industry’s most robust SaaS offering designed to help lenders manage repossessions and remarketing and ensure compliance.
The system is designed to be user friendly and uses graphical workflows to manage cases end-to end from recovery to final disposition and payment reconciliation. IBEAM manages the entire process with lenders, customers, repossession agents, auctions, skip agents, field agents and other marketplaces, resulting in the marketplace’s only complete offering.
“We are achieving results in the repossession and recovery market that are unmatched by our competitors,” said Steve Norwood, CEO, Consolidated Asset Recovery Systems. “This success has led to significant growth—especially over the past three years. This helped us identify the need to align with a strategic investor that can help us continue to grow our business. We are excited to partner with Greenridge, a firm with significant experience growing technology-based service businesses. From our initial discussions with them, it was clear that they truly understood how our company is different and the unique role we play in the marketplace.”
“It’s clear that Consolidated Asset Recovery Systems has a well-earned reputation as the leader in the repossession and remarketing industry” said Jack Cardwell, Partner and Co-Founder at Greenridge Investment Partners. “As a result, the company is well-positioned to capitalize on growth opportunities, as lenders increasingly seek best-in-class compliance solutions that deliver optimal ROI.”
“This investment underscores Greenridge’s commitment to partnering with proven management teams of businesses poised for their next stage of growth. This is a deep, experienced and cohesive team that has already enjoyed great success together, and we’re excited to partner with Steve and his team to be part of the next chapter in the company’s history,” said Ben Moss, Partner and CoFounder of Greenridge.
The senior management team at Consolidated Asset Recovery Systems, including co-founders Steve Norwood and Terry Groves, will remain in place and retain 20 percent ownership of the new company.
With this investment, Greenridge’s Jack Cardwell and Ben Moss have joined the Consolidated Asset Recovery Systems Board. Hunter Peterson of Dallas, TX will also join the company’s Board. This marks the second investment in which Hunter has co-invested alongside Greenridge Investment Partners. The other investment, Lakeview Health, is a world class substance abuse treatment provider headquartered in Jacksonville, FL.
Senior debt was provided by Cadence Bank of Houston, TX and subordinated debt was provided by C3 Capital of Kansas City, MO.
ABOUT CONSOLIDATED ASSET RECOVERY SYSTEMS Consolidated Asset Recovery Systems, a Raleigh, North Carolina-based leader in repossession and remarketing software and services, assists prime, sub-prime, captive and regional lenders. Through its unique IBEAM™ Web portal, asset tracking and real-time updates can be monitored, offering complete transparency throughout the recovery and remarketing process. Consolidated Asset Recovery Systems’ growing community of agents, transporters and auctions all share data within the IBEAM portal, a hosted solution offered as Software as a Service (SaaS). The company is based out of Research Triangle Park, North Carolina, and has offices in Georgia, Texas, Florida, Colorado, Arizona and California. For more information, visit www.ez-recovery.com.
ABOUT GREENRIDGE INVESTMENT PARTNERS Greenridge Investment Partners is a private equity firm located in Austin, TX. Greenridge invests in leading middle-market businesses with attractive growth characteristics and proven track records of profitability. Greenridge is a patient capital partner with a flexible mandate. Other Greenridge portfolio companies include AppleCare Immediate Care, LLC; Lakeview Health Systems, Inc.; Nurses Case Management, LLC; and Veriforce, LLC. For more information on Greenridge, visit www.greenridgeinv.com.
Facebook Comments