Primeritus Financial Services
Acquires USA Recovery and Skip Masters
June 15, 2012
New York, NY - Kinderhook Industries, LLC
announced today the acquisition of M. Davis Company, Inc.
(dba "USA Recovery") by Primeritus Financial Services, Inc.
("Primeritus" or the "Company"), an existing Kinderhook
portfolio company. Financial terms of the transaction were
not disclosed.
Based in Nashville, TN, Primeritus is a leading provider of
repossession management, skip tracing, remarketing and title
services to the auto finance industry in the U.S. Kinderhook
partnered with Cam Hitchcock, Chuck Tapp and Phil Hanks in
February 2012 to purchase the assets of ASR and has since
rebranded the company Primeritus. With over 45 years of
collective industry experience and strong client
relationships in the automotive finance industry, management
plans to pursue an aggressive growth strategy both
organically and through acquisition.
Cam Hitchcock, Executive Chairman of Primeritus, was
previously a Partner at Elysian Advisors and a senior
executive officer at ADESA who held the title of President
and CEO of ADESA’s Dealer Service Group. Chuck Tapp was most
recently Vice President at Openlane, Inc., which was
acquired by ADESA Inc. in August 2011 and is the Chief
Executive Officer of Primeritus. Phil Hanks, a long-tenured
executive at Manheim that most recently served as Vice
President of Renovo Services, LLC upon Renovo’s acquisition
of Manheim’s Remarketing Solutions division, is the
President of Primeritus.
Based in El Dorado Hills, CA, M. Davis Co. is a full
service, national provider of repossession management, skip
tracing, transport and vehicle remarketing services through
its USA Recovery and Skip Masters divisions. Matt Davis, CEO
of the M. Davis Co., will join the Primeritus management
team in an operational and executive leadership position as
Chief Operating Officer.
“We are excited to welcome Matt and his team into the
Primeritus family,” remarked Chuck Tapp, CEO of Primeritus.
“Matt Davis has built a first-rate team and USA Recovery and
Skip Masters have earned an outstanding reputation for
client service and integrity in the automotive finance
community. The combined organizations will further enhance
the service offerings and options for both our automotive
and non-automotive finance clients.”
“My team and I are extremely excited to partner with
Primeritus and Kinderhook to build the preeminent national
indirect repossession management and skip tracing company in
the U.S,” commented Matt Davis. “Based on a foundation of
exceptional customer service and integrity, the combination
of the two businesses will allow for accelerated growth and
execution of our collective strategy.”
“The acquisition of M. Davis brings together two
exceptionally talented management teams and the combined
platform will provide superior customer service in the
repossession industry," said Paul Cifelli, Managing Director
of Kinderhook Industries. “This acquisition is a pivotal
point in Primeritus’ history and we are delighted to provide
the capital to support management’s growth initiatives. Cam,
Chuck and their team have a long history of success in the
automotive finance industry. Kinderhook is thrilled to have
the opportunity to partner with them to build a leading
repossession management company through the Primeritus
platform.”
Cam Hitchcock, Chairman of Primeritus, remarked, “The
acquisition of M. Davis Co. is the next step in Primeritus’
strategy to build the leading national recovery services and
skip tracing platform for our finance clients. Further, we
continue to actively seek additional acquisitions to broaden
our platform and service offering.”
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 $10-$75
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.
About Primeritus Financial Services
Primeritus is a national provider of repossession
management, remarketing, title services and skip tracing
services to the auto finance industry in the U.S. 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.
www.primeritus.com
About The M. Davis Company
The M. Davis Company is a full service, national
provider of repossession management, skip tracing, transport
and vehicle remarketing services. The company operates
primarily through its USA Recovery, Skip Masters, USA
Transport and USA Remarketing business units and serves a
broad spectrum of leading U.S. automotive lending clients.
www.mdavisusa.com
