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outsourced receivables management

LaSalle Buys Another AR Management Company

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LaSalle Capital has made an investment in Professional Recovery Consultants (PRC), a provider of accounts receivable management services.

Customers of PRC include hospitals and physician groups and other companies that are active in the healthcare industry as well as governments, utilities, and retailers. The company, led by President Geoff Miller, was founded in 1979 and is based in Durham, NC (www.prorecoveryinc.com).

“We are extremely pleased to have LaSalle Capital lead the next chapter of growth for Professional Recovery Consultants,” said Mr. Miller. “LaSalle is the perfect partner to help expand the business to meet the ever-changing needs of our customers and to advance the innovative solutions that our customers depend on. They have an in-depth understanding of collections businesses, supported by their previous investments in Receivables Management Partners and Brown & Joseph.”

LaSalle Capital sold Itasca, IL-based Brown & Joseph, a provider of commercial accounts receivable management services, to Incline Equity Partners in June 2019; and from 2007 to 2012 LaSalle owned Receivables Management Partners, a Greensburg, IN-based provider of accounts receivable management services specializing in the healthcare industry.

“The team at PRC has built an impressive business and achieved substantial organic growth,” said Ryan Anthony, a partner at LaSalle Capital. “We look forward to working with the team to help accelerate the expansion of the business through investments in people and technology as well as strategic add-on acquisitions.”

LaSalle Capital makes control investments of $10 million to $20 million in companies with revenues from $20 million to $100 million and EBITDA greater than $3 million. Sectors of specific interest include food and beverage, and technology-enabled business services. LaSalle Capital is based in Chicago (www.lasallecapitalgroup.com).

© 2019 Private Equity Professional | August 20, 2019

Silver Oak Exits Convergent Resources

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convergent nf1Silver Oak Services Partners has completed the sale of its equity interest in portfolio company Convergent Resources to strategic buyer Account Control Technology Holdings.  Silver Oak first invested in Convergent Resources in June 2007.

Convergent Resources is a provider of outsourced receivables management and revenue cycle management services to the utility, telecom, financial services and healthcare sectors. The company offers a suite of services, including first-party outsourcing, third-party early and late stage collections, insurance follow-up, extended business office services and patient access services for hospitals. Convergent has over 2,800 employees and operates fifteen office locations. The company was founded in 1998 and is headquartered in Atlanta (www.convergentusa.com).

The buyer of Convergent, Account Control Technology Holdings (ACT), represents a group of companies offering outsourced business services. Its flagship company, Account Control Technology, provides consultative debt management, collection, call center and business office services for education, government and consumer entities. The company was founded in 1990 and is based in Canoga Park, CA (www.accountcontrol.com).

gill nf1“We believe the acquisition of Convergent by ACT is a great outcome for all parties,” said Dan Gill, Managing Partner at Silver Oak. “Our management team did a remarkable job growing the business in a difficult environment, positioning Convergent well to continue its strong momentum in its new partnership with ACT.”

Silver Oak makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $3 million to $20 million. Sectors of interest include business services, healthcare services, and consumer services.  Silver Oak is based in the Chicago suburb of Evanston (www.silveroaksp.com).

During Silver Oak’s ownership, Convergent expanded into new lines of business such as Patient Access, developed near-shore capabilities with a facility in Guatemala, made investments in technology and improved operating efficiencies.  As a result, Convergent grew the business nearly 35% during the period of Silver Oak’s investment.

“We are very appreciative of the support and guidance from the Silver Oak team over the last seven years.  Convergent is a much stronger business with significant momentum due to the strength of our team but also Silver Oak’s investments in the business and its strategic counsel,” said Mike Meyer, CEO of Convergent.

© 2014 PEPD • Private Equity’s Leading News Magazine • 5-21-14

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