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Twin Brook Agents $102.5MM in Financing for Primeritus Buyout of Consolidated Asset Recovery Systems

April 15, 2019, 08:55 AM

Primeritus Financial Services, Inc., a portfolio company of Kinderhook Industries, LLC (Kinderhook) and a leading service provider of recovery management, skip tracing, and remarketing services to the auto finance industry, announced the acquisition of Consolidated Asset Recovery Systems (CARS) from Greenridge Investment Partners and management. CARS represents the 7th add-on acquisition for Primeritus and Kinderhook’s 72nd automotive-related transaction. Financial terms of the transaction were not disclosed.

According to sources familiar with the deal, Twin Brook served as administrative agent on $102.5 million of financing that supported the acquisition.

Headquartered in Raleigh, NC, CARS was founded in 2005 by Steve Norwood and Terry Groves, two software supply chain veterans, whose vision will continue to drive CARS’ success. From the beginning, Steve and Terry decided to leverage SaaS technology to revolutionize the repossession and remarketing industry and experienced 84% YOY revenue growth since 2013.

“The addition of CARS to the Primeritus Family of Companies demonstrates our ongoing efforts to grow our business while further diversifying our brands. We are very excited to grow in size and scale and we will continue to invest in technology and operational capabilities which add value. As we continue this journey we will always embrace great people, great processes, and great solutions,” said Mike Thomas, Primeritus Chief Executive Officer.

Steve Norwood, President & CEO for Consolidated Asset Recovery Systems, added, “As a result of this transaction, the companies will become the market’s preferred provider of technology and services for managing both the repossession and remarketing of assets. We will continue to operate as separate businesses leveraging synergies in skip, back office functions and remarketing. We are very excited to be a part of the Primeritus family of companies and together will continue to provide the highest level of service and the best technology in this market.”

Paul Cifelli, Managing Director of Kinderhook Industries, stated, “We are excited to combine two best of breed providers of recovery management, skip tracing, and remarketing services to the auto finance industry. The combined company represents the leader in the industry with a substantial opportunity to enhance its performance and operational capabilities while leveraging a unique set of technological capabilities to maximize value for its clients.”

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