H.I.G. Capital Announces Sale of TRAKAmerica
MIAMI – February 13, 2018 – H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with $24 billion of equity capital under management, is pleased to announce the sale of its portfolio company TRAKAmerica (“TRAK” or the “Company”) to the Stevens Financial Group and Management.
Based in Bonita Springs, FL, TRAK is a leading provider of outsourced legal recoveries to credit issuers and financial institutions. The Company utilizes a proprietary technology-enabled workflow management and data-analytics platform to provide a prioritized, streamlined and compliance-driven solution for consumer receivables. TRAK’s national legal network of law firms collects hundreds of millions in charged-off receivables on behalf of blue-chip clients annually. The Company’s legal-focused strategy generates an industry leading return on investment versus all other recovery methods.
During H.I.G.’s ownership period, significant investment was made in management, operations and infrastructure. Today, the Company’s software and compliance systems are considered best-in-class within the debt recovery industry and are a primary driver of its market leadership, tenured client list, and ability to attract new business. TRAK also has broadened its inventory of accounts by entering adjacent and fast-growing end-markets such as student loan, auto and real estate.
“We have absolutely evolved as an organization during our time working with H.I.G. and are very excited about this next phase for TRAKAmerica,” said Vincent Iacono, TRAK’s CEO. “With our seamless transition to the Stevens Family Office, our clients, employees, and valued client-partners will continue to benefit from the same outstanding recovery platform, compliance solutions, and customer service.”
“From the beginning, the management team has been outstanding leaders for the business, and we are proud of the growth we have achieved together at TRAKAmerica,” commented Jeff Zanarini, a Managing Director at H.I.G. “In particular, Vincent has helped us to build the right team around him, to analytically pursue the increasing volume of charge-offs, and by so doing we have established TRAK as the central recovery strategy for the largest and most sophisticated financial institutions. This is a real testament to the value-addition provided by the TRAKAmerica platform.”
TRAKAmerica is a leading technology- and data-enabled provider of workflow management solutions for outsourced client recoveries. The Company provides turnkey legal recovery of consumer loans to credit issuers and financial institutions. TRAK utilizes a proprietary technology-enabled software and data-analytics platform to offer a streamlined, compliance-driven solution for consumer receivables. Applying almost twenty years of portfolio history, TRAK captures and monitors critical data points to drive performance, monitor adherence to work standards, and apply targeted recovery strategies across account segments. TRAK’s national network of law firms collects hundreds of millions in charged-off receivables annually. The Company serves blue-chip clients across the banking, credit card, student loan, real estate, and auto end-markets from its offices in Bonita Springs, FL and Richmond, VA.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $24 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.