Debt-Collection Agency Pinnacle Acquired
Pinnacle Financial Group-a Minneapolis-based debt-collection agency-has been acquired by St. Louis-based National Asset Recovery Services, Inc. (NARS).
NARS' parent company, Miami-based H.I.G. Capital, announced the purchase on Thursday. H.I.G. said that Pinnacle has a “diverse, blue-chip client base of hundreds” in a range of markets, including health care, credit card issuers, education, and retail, among others.
Financial terms of the acquisition were not disclosed.
Pinnacle's management team-including CEO Tony Michel-will join NARS in various leadership roles. The company's existing offices will continue to operate under the Pinnacle name.
NARS said that the acquisition will expand its footprint in the United States to five call centers. The company also operates sites in Jamaica and Panama. Following the acquisition, the merged companies will employ roughly 3,500.
“The strategic and cultural fit between NARS and Pinnacle convinced us to move forward with this transaction,” Michel said in a news release. “The entire Pinnacle team is excited to join a larger platform that will allow us to provide new services to our clients.”
Christopher Buehrie, CEO of NARS, said in a statement that the acquisition is “a first positive step” as the company increases its portfolio of services.
Pinnacle was founded in 1995 and employs about 450 people at call centers in Minneapolis, Monticello, and Decorah, Iowa. According to H.I.G., Pinnacle is one of the 50-largest privately owned companies in its market in the United States.
H.I.G. Capital, a global private equity investment firm, currently has more than $8.5 billion in equity capital under management.