Beacon Financial Group Inc. has acquired Estate Recoveries Inc., a Baltimore-based accounts receivable management firm that specializes in deceased debt accounts, the companies announced Friday.
Jennifer Lee, CEO at Estate Recoveries, says, "[Beacon's] purchase will give it access to major client groups that were previously beyond its reach. This new partnership with [Estate Recoveries], a nationally licensed agency, offers Beacon a tremendous opportunity to collect on accounts it formerly had to outsource to other agencies.”
In a statement, Beacon Financial officials commented that the merger will pair Estate Recoveries' 26 years of experience, seasoned management team, strong analytic capabilities, SAS 70 certification, sophisticated computer systems and offices with capacity for an additional 100 collectors with "the customer service-driven expertise of Beacon Services and its longstanding relationships with smaller clients and experience in the contingency collection of consumer paper."
Beacon Financial was founded in 1990 to provide financial consulting services to companies specializing in financial planning and capital makeup, with a focus on debt restructuring and negotiation. As a part of its growth strategy, Beacon Financial began to purchase charged-off consumer accounts for internal portfolio management and for a number of affiliated entities.
In 1994 BFG launched Beacon Services LLC, to provide a collection platform for the company’s debt-buying activities. By 1996, Beacon Services had expanded its operations to include providing third-party collections on behalf of other companies.
For more information about deceased debt, see story.