Primeritus Financial Services, a portfolio company of Kinderhook Industries, has acquired Renovo Services, an automotive repossession company.
Renovo is the largest provider of indirect automotive repossession services in the country and operates a state-of-the-art online auction marketplace (www.reposdirect.com) (www.renovoservices.com).
Primeritus is a 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. The company is based in Nashville (www.primeritus.com).
“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.”
Kinderhook Industries is a manager of private equity funds with $770 million of committed capital. Kinderhook primarily makes control investments in companies with transaction values of $25 million to $100 million in which the firm can achieve financial, operational and growth improvements. Kinderhook pursue private equity investments in non-core divisions of public companies, management buyouts of entrepreneurial-owned businesses, troubled situations and existing small capitalization companies lacking institutional support. The firm is located in New York, NY (www.kinderhook.com).
“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.”
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-26-12