StageAcquired | Acquired
About Consolidated Assest Recovery Systems
Consolidated Asset Recovery Systems (CARS) provides financial institutions with outsourced comprehensive end-to-end asset recovery and liquidation services.
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Consolidated Assest Recovery Systems Patents
Consolidated Assest Recovery Systems has filed 4 patents.
Contract law, Business law, Bankruptcy, Property law, Credit
Contract law, Business law, Bankruptcy, Property law, Credit
Latest Consolidated Assest Recovery Systems News
Apr 10, 2019
Primeritus Financial buys Consolidated Asset Recovery Systems April 10, 2019 Primeritus Financial Services Inc, a portfolio company of Kinderhook Industries LLC, said April 10 that it acquired Consolidated Asset Recovery Systems. Financial terms weren’t announced. Greenridge Investment Partners and management were the sellers. Consolidated Asset Recovery Systems, of Raleigh, North Carolina, is a service provider of recovery management, skip tracing, and remarketing services to the auto finance industry. PRESS RELEASE April 10th, 2019 Nashville, Tennessee – Primeritus Financial Services, Inc. (“Primeritus”), 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. 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.” Kirkland & Ellis LLP served as legal counsel to Primeritus. Financing for the transaction was provided by TwinBrook Capital Partners. About Kinderhook Industries Kinderhook Industries, LLC is a private investment firm that manages over $3.0 billion of committed capital. We have made in excess of 200 investments and follow-on acquisitions since inception. Kinderhook’s investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders. For more information, please visit: www.kinderhook.com About Primeritus Primeritus Financial Services is a national provider of repossession management, remarketing, titled services and skip tracing services to the auto finance industry in the U.S. and Puerto Rico. Primeritus provides clients with value-added, outsourced repossession management, skip tracing and remarketing services, leveraging a national network of certified agents and unique investigative techniques to quickly and reliably secure customers’ collateral. Through leadership, service and performance, Primeritus Financial Services offer the trifecta of repossession services: locate, recover and remarket. For more information, please visit: www.primeritus.com About CARS: Consolidated Asset Recovery Systems provides technology and services to finance companies, forwarders and repossession agents that enhances repossession and remarketing performance. Combining comprehensive analytics with real-time performance metrics. status and account updates that can then be used to set parameters in the IBEAM artificial intelligence engine to automate task such as assignment and reassignment to suppliers, auctions or transporters. This combined with supplier optimization methodologies delivers the highest performance results.
Consolidated Assest Recovery Systems Frequently Asked Questions (FAQ)
When was Consolidated Assest Recovery Systems founded?
Consolidated Assest Recovery Systems was founded in 2005.
Where is Consolidated Assest Recovery Systems's headquarters?
Consolidated Assest Recovery Systems's headquarters is located at 4800 Six Forks Road, Raleigh.
What is Consolidated Assest Recovery Systems's latest funding round?
Consolidated Assest Recovery Systems's latest funding round is Acquired.
How much did Consolidated Assest Recovery Systems raise?
Consolidated Assest Recovery Systems raised a total of $540K.
Who are the investors of Consolidated Assest Recovery Systems?
Investors of Consolidated Assest Recovery Systems include Primeritus Financial Services, Greenridge Investment Partners, Wilmington Investor Network and Springboard Capital.
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