Primeritus Financial Services has acquired Repo Remarketing, a vehicle recovery and remarketing firm. Financial terms of the transaction were not disclosed. Primeritus Financial Services is a portfolio company of Kinderhook Industries.
Primeritus Financial Services (“Primeritus” or the “Company”), a portfolio company of Kinderhook Industries LLC (“Kinderhook”), announced today the acquisition of Repo Remarketing, Inc. (“Repo Remarketing”), a vehicle recovery and remarketing firm. Repo Remarketing represents the fourth acquisition on the Primeritus platform and Kinderhook’s 30th automotive related transaction. Financial terms of the transaction were not disclosed.
Based in Nashville, TN, Primeritus is a national provider of repossession management, remarketing, title services and skip tracing services to the auto finance industry. Primeritus serves as a value-added partner for clients that seek to outsource the non-core business functions of the collateral recovery process.
Headquartered in Citrus Hills, CA, Repo Remarketing is a full-service repossession, recovery and remarketing company offering nationwide vehicle transition services, primarily to credit unions, in recovery management, skip tracing and asset liquidation.
“Repo Remarketing has built a streamlined repossession and remarketing platform for credit unions, which is a perfect complement to the services Primeritus provides for banks, captive finance companies and specialty lenders,” said Primeritus Chairman, Cam Hitchcock. “Our acquisition of Repo Remarketing will expand our footprint, especially within the credit union market, where Repo Remarketing has developed a market leading platform. We are thrilled to welcome Repo Remarketing into the Primeritus family of companies,” concluded Hitchcock.
“The acquisition of Repo Remarketing continues Primeritus’ buy-and-build strategy and further positions Primeritus as the leading provider of repossession management services in the U.S.,” stated Paul Cifelli, Managing Director at Kinderhook Industries. “Both companies have a reputation for delivering a high level of service that their partners have come to expect and we look forward to continuing to support Primeritus in achieving its’ growth objectives.”
Primeritus CEO Chuck Tapp went on to say, “Repo Remarketing has an excellent reputation for assisting credit unions and other financial institutions in the remarketing cycle, and we are very excited at the combined coverage this will create by incorporating their organizational strengths within the framework of Primeritus.”
Monroe Moxness Berg PA served as legal counsel to Primeritus. Financing for the transaction was provided by Fifth Third Bank. Gold Country Advisors served as a financial advisor to Repo Remarketing.
About Kinderhook Industries, LLC
Founded in 2003, Kinderhook is a private equity firm with $770 million of committed capital and an investment philosophy based on combining senior management and operating experience in a variety of industries with the financial and investment know-how of private equity professionals. Kinderhook primarily makes control investments in companies in which the firm can achieve significant financial, operational and growth improvements. The firm targets orphaned non-core subsidiaries of corporate parents, existing small capitalization public companies lacking institutional support and management-led recapitalizations of entrepreneur-owned companies. By providing access to capital, strategic advice and an extensive network of relationships, Kinderhook has a history of successfully building privately held firms in partnership with management. For more information please visit: www.kinderhook.com
About Primeritus Financial Services
Primeritus Financial Services is a national provider of repossession management, remarketing, title services and skip tracing services to the auto finance industry in the U.S. and Puerto Rico. Primeritus Financial Services provides clients with value-added, outsourced repossession management and skip tracing services, leveraging a national network of certified agents and unique investigative techniques to quickly and reliably secure customers’ collateral. Delivering unparalleled compliance, service and performance, Primeritus Financial Services offer the trifecta of repossession services: recovery, investigations and remarketing.
For more information on Primeritus Financial Services, please visit www.primeritus.com .
About Repo Remarketing
Repo Remarketing is a full-service repossession, recovery and remarketing company offering nationwide vehicle transition services in recovery management, skip tracing and asset liquidation. Repo Remarketing provides a trustworthy bridge to recover and remarket inventory efficiently using proven industry-standard principles, with advanced technology adapted expressly with our partners in mind.