Stoneleigh Recovery Associates (SRA), based in Lombard, Ill., has acquired R&B Collections Inc. of Roswell, Ga. in a deal funded through a mix of cash on hand and new debt. Terms were not disclosed.
The two agencies will operate under their separate names in both Illinois and Georgia, until standard closing conditions, licensing and regulatory approvals have been completed. The acquisition will help SRA strengthen its nationwide auto deficiency collections and R&B to strengthen its compliance program, according to officials with the companies.
Rudy Knepper, SRA's president, said the acquisition "will allow SRA to expand our client base into the auto deficiency collection space and also expand our infrastructure through a second location in Georgia. The transaction ultimately will enable future growth as we will have added new expertise and credibility in approaching and attracting new clients."
Ross Gelfand, former president of R&B Collections, said he was impressed by SRAs compliance and IT measures. Gelfand founded R&B in 1987. SRA has been in operation since 2007.
Ronni Majeweski, SRAs director of operations added, "SRA has redefined excellence in the collection industry, beyond liquidation rates, by implementing compliance and security enhancements to exceed the government regulations and client expectations. These programs improve our ability to collect while minimizing risks. Thats a win-win situation."
SRA's Vice President of Business Development Mark Savoie stated, "SRA's growth and enduring success is based in part upon SRA's liquidation and return rates for our customers. SRA is consistently one of the top three performing agencies for all of our clients; we expect this outstanding performance to continue with the acquisition of R&B Collections."
SRA provides debt recovery services for a broad spectrum of clientele in the recovery of outstanding accounts receivable. SRA is fully compliant with SSAE 16 and is a member of ACA International, DBA International and HMFA.