Primeritus Financial Services Inc. has acquired Renovo Services. Terms of the deal were not released. Nashville-based Primeritus is a provider of repossession management services to the auto finance industry. Renovo is a provider of indirect automotive repossession services. Primeritus is backed by Kinderhook Industries.
PRESS RELEASE
Kinderhook Industries, LLC announced today the acquisition of Renovo Services, LLC by Primeritus Financial Services, Inc., an existing Kinderhook portfolio company. Financial terms of the transaction were not disclosed.
Based in Nashville, TN, Primeritus is a rapidly growing provider of repossession management 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 as well as supplement their existing recovery efforts.
Renovo is the largest provider of indirect automotive repossession services in the country and through www.reposdirect.com operates a state-of-the-art online auction marketplace. Financial services professionals rely on Renovo Services for their professionalism, the efficiency of their processes, and their ability to bring innovation to the market place.
“We are excited to have the team at Renovo become part of the Primeritus family,” said Cam Hitchock, Executive Chairman of Primeritus. “We have been impressed with the market leading positions that the Renovo team has been able to build and believe Primeritus and Renovo will be a great combined entity. By joining our complementary technologies, deep industry expertise, sales channels and customer bases with a best in class agent network, the company will be positioned to offer our clients industry leading services.”
“This is an exciting day for Primeritus,” said Paul Cifelli, Managing Director at Kinderhook Industries. “The acquisition of Renovo is another major step in Primeritus’ evolution and growth in the repossession industry. The acquisition further accelerates the Company’s strategic goal of becoming the “go to” provider of repossession management services to the financial services community. The combined companies will be the largest, most technologically advanced provider of these services in the U.S. and will usher in a new era of compliance and customer service in the industry.”
Chuck Tapp, CEO of Primeritus said, “Renovo is a perfect fit for Primeritus. In addition to great technology and strong customer relations, Renovo Services and their companies bring the talent of their employees in operations, systems engineering and customer service, which we believe will increase our ability to innovate and develop solutions for our customers.”
About Kinderhook Industries
Founded in 2003, Kinderhook Industries 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 with transaction values of $25-$100 million 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 Industries has a history of successfully building privately held firms in partnership with management.
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