Citigroup Unit Acquires Controlling Interest in Receivable Management Services

Receivable Management Services (RMS), a leading global accounts receivable management company, today announced that Citigroup Venture Capital International (CVCI) has acquired a controlling interest in the company from PNC Equity.

"RMS is a leader in global accounts receivable management and has the leading market position in the business to business service segment," said Bob Khanna, a partner with CVCI. "We are excited to move ahead with management on growing the base business while leveraging our international expertise to extend the global platform for RMS."

"We look forward to a new phase of growth for RMS with a focus on enhanced customer service and exciting new international solutions for our global customers," said David Huebner, President & CEO of RMS.

PNC Partner, Jack Glover stated, "We have enjoyed our association with RMS, the management team and its associates. We have worked together to build a stronger franchise and I believe we have succeeded."

The history of Receivable Management Services dates back to 1841, the birth of the Dun & Bradstreet Corporation. RMS began as the collection division and to this day maintains an exclusive partnership with D&B. In 2001, a senior management team lead by Mr. Huebner, purchased the business from D&B and established Receivable Management Services as a standalone, independent entity. RMS employs nearly 2,000 associates and services approximately 35,000 customers worldwide. It maintains a global presence with offices and service centers throughout the U.S., Canada, Hong Kong, Mexico, India and Europe (through a partnership with Intrum Justitia, the largest European collection agency).