Collection industry giant NCO Financial System's parent company Expert Global Solutions (EGS) announced Monday it has closed a previously announced deal to sell several business segments to a private equity firm.
The units sold include: Transworld Systems, Education, Attorney Network, Healthcare Bad Debt, Government and U.S.-based Third-Party Collections.
Platinum Equity, based in Los Angeles, will run the former NCO collection arms under the Transworld Systems name. Financial terms of the deal were not disclosed.
Platinum Equity partner Jacob Kotzubei, who led the team that pursued the acquisition, said the deal was attractive for several reasons. The firm has experience acquiring segments of existing companies.
"The business has great leadership, powerful proprietary systems and a strong culture of compliance," he said. "We believe there is a great opportunity to grow the business and maintain the highest standards of excellence by continuing to invest in infrastructure and technology."
EGS plans to focus on first-party accounts receivable management ,customer relationship management and global debt collection.
Tim Galloway, the former co-leader of NCO's accounts receivable management business, was named president of Transworld Systems.