Clarion funds Harris & Harris

Clarion Capital Partners LLC has made an investment in Chicago-based Harris & Harris Ltd, a provider of accounts receivable management and customer care solutions. No financial terms were disclosed. Mesirow Financial was financial adviser to Harris & Harris on the transaction.

PRESS RELEASE

New York, NY, October 15, 2019 – Clarion Capital Partners, LLC (“Clarion”) today announced that it has completed an investment in Harris & Harris, Ltd. (the “Company”), a leader in accounts receivable management and customer care solutions. Arnie Harris, CEO of the Company, and David Harris, COO of the Company, will maintain meaningful ownership in Harris & Harris, and will continue in their current positions. The terms of the transaction, which closed on September 27th, were not disclosed.

The partnership with Clarion will enable Harris & Harris to expand its service offerings and to make investments in its employees, compliance, and technology infrastructure. These investments will allow the Company to deliver even more value to its clients. Clarion and Harris & Harris will seek M&A opportunities to expand the Company geographically and to add new services.

“When my father founded the business more than 50 years ago, he said that the road to success for a business is to focus on people, both at our clients and with our employees,” said Arnie Harris. “As we considered potential investors, our focus on people brought us to a partnership with Clarion which will allow us to continue the success we’ve demonstrated over the last 50 years. Clarion’s approach to partnership and its long-term focus aligns perfectly with the future we see for Harris & Harris.”

Jon Haas, a Partner at Clarion added: “Harris & Harris is a leader in its core government, healthcare, and utility markets, and has an exciting opportunity to grow organically within those segments. Clients in those segments require a high standard from their accounts receivable management and business process outsourcing providers, and we believe Harris & Harris is unmatched in its integrity, client service, and performance.” Eric Kogan, a Partner at Clarion further added, “We have really enjoyed getting to know the Harris & Harris team over the last few months and are excited to work with the Company to make its future even brighter than its impressive history.”

Mesirow Financial served as exclusive financial advisor to Harris & Harris in this transaction, Kaulkin Ginsberg Company served as special advisor, and Much Shelist, P.C. served as legal counsel. Clarion Capital was advised by the law firms of Greenberg Traurig, LLP, Venable LLP, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC. Financing for the transaction was provided by Midcap Financial and Greyrock Capital.

About Clarion Capital Partners, LLC
Clarion Capital Partners is a New York based private equity firm that focuses on making equity investments in lower middle market growth companies. Clarion’s industry focus includes Business & Healthcare Services, Specialty Financial Services, Media, Entertainment & Technology, and Consumer & Retail. Additional information on Clarion can be found at www.clarion-capital.com.

About Harris & Harris
Harris & Harris is an accounts receivable management and customer care firm, providing first-party and third-party debt collection, third party liability, and other complementary services through advanced onshore call-centers. Harris & Harris is headquartered in Chicago, Illinois. Additional information on Harris & Harris can be found at www.harriscollect.com.