Huntsman Gay, a private equity firm, announced today that it has purchased a majority stake in iQor, a New York-based accounts receivable management company. iQor has more than 21 locations worldwide and 11,000 employees. The firm reported more than $345 million in revenues in 2009. Terms of the deal were not disclosed.
Collections & Credit Risk ranked iQor as the seventh-largest collection agency based on revenue in its most recent survey conducted late last year. iQor reported $344,900 in annual revenue.
Gary Crittenden, a managing director of Huntsman Gay, described the transaction as “a signature deal” for the firm, and added that the opportunity came to Huntsman Gay based on the strength of the firm’s relationships with iQor management.
Huntsman Gay launched last year. The fund has more than $1 billion and 57 employees nationwide. Crittenden is the former chief financial officer of Citigroup. He paid $100,000 in July to settle a case brought by the Securities and Exchange Commission related to accusations of material misstatements by the bank over its subprime-mortgage exposure. The SEC concluded that Crittenden acted neither recklessly or fraudulently.