H.I.G. Capital LLC and Reprise Management Group have jointly acquired a stake in TRAKAmerica, which provides analytics and legal services to card issuers and buyers of charged-off debts.
The private-equity firms did not say how much they paid for the stake, or its size, when they announced the purchase last week. TRAKAmerica's founder, Tom Milana Jr.; its chief executive officer, Thomas Dalessandro; and its president, Vincent Iacono; retained "significant" equity in the Naples, Fla., firm and the management team stayed, H.I.G. said.
H.I.G., of Miami, and Tim Bauer, a veteran of the debt buying and collections business, formed Reprise in April to make investments in this field. Last month H.I.G. and Reprise recapitalized National Asset Recovery Services Inc., a Chesterfield, Mo., provider of debt collection and call center services. Greenberg Advisors LLC, of Gaithersburg, Md., advised the buyers on both investments.
