Northland Group Inc., based in Minneapolis, recently acquired the collection business of Accounts Receivable Management Inc.
The larger company will operated as Northland Group. Accounts Receivable Management President Joe Burch joins the new company as executive vice president in charge of ongoing operations at certain locations for Thorofare, another newly acquired firm.
Northland, with the acquisition of Accounts Receivable Management, now offers an end-to-end recovery service to clients. It made the purchase, in part, to take advantage of Accounts Receivable Management's focus on a diverse set of debt classes - including auto, retail card, mortgage, consumer loan and demand deposit account.
Northland has five U.S. locations and more than 600 collectors. The company is ISO 27001 certified and PCI DSS compliant and has earned more than 100 industry compliance and quality service awards.
"We are excited to bring these two companies together, as it will set us apart from others in the debt collection industry. Our new recovery solution platform will be well suited for our clients and provide great opportunities for our employees," said Lance Black, president at Northland.
Added Burch, "As a 36-year employee of Accounts Receivable Management, I am very excited about the opportunity to be a part of this vision and the combined growth of two well respected firms within the industry. We look forward to joining the Northland Group team to expand and to provide additional industry leading solutions to our clients."
Northland was founded in 1982 and since then has provided collection and accounts receivable services, as well as business process outsourcing services, for numerous national credit grantors, according to the company.