Specialized Receivables, Inc. Acquires Claims Business from Collection Agency

WAKEFIELD, MA – Specialized Receivables, Inc. today announced the acquisition of the accident claims processing business of Foster & Bibeau, a Tewksbury Massachusetts law firm. Following completion of the transaction, Specialized Receivables will consolidate operations into its Wakefield Operating Center. Charles Foster will continue to operate its accounts receivable business and law practice in Tewksbury, MA. Mark Bibeau, currently a partner in the firm will join Specialized Receivables January 1, 2005 as Vice President of Business Development.

“We feel this is a significant opportunity for us to acquire Foster & Bibeau, a business that has developed a highly skilled and knowledgeable staff with a reputation for quality service in the accident claims processing industry,” commented Sam Rotondi, Specialized Receivables Founder and CEO. “Chuck Foster and Mark Bibeau have done a great job in building a strong and respected relationship with clients. It also fits very nicely with our plans to expand throughout the region. We are delighted to be adding F & B’s customers and employees to the Specialized Receivables family.”

Mark Bibeau, commented, “We are excited about joining the Specialized Receivables business. I believe that their investment in technology, people and staff is designed to address the current and future needs of the industry. By joining forces we benefit both our clients and employees by delivering to our clients a state-of-the art capability. Teaming up with Specialized Receivables will ensure that we remain focused on our clients, and it will enable us to combine our extraordinary service levels with Specialized Receivables’ comprehensive resources. It is a very positive relationship for everyone involved.”

Both companies are privately held. Funding for the acquisition was through Bank of America.

About Specialized Receivables, Inc.
Specialized Receivables, Inc. is the leading provider of accident related claims in the Northeast with over twenty four years of service to the healthcare industry. Based in Wakefield Massachusetts, the company processes motor vehicle and worker’s compensation claims for hospitals and physicians in Massachusetts, Rhode Island and New Hampshire, and has recently announced plans to expand into other areas of the country. The company employs about 140 people and is located at 7 Audubon Road, Wakefield, MA.

About Foster & Bibeau, Attorneys at Law
Headquartered in Tewksbury, MA Foster & Bibeau, has provided legal, accident claims processing, and debt collection services to the healthcare industry. Foster & Bibeau has been in operation for eighteen years. Located at 1445 Main Street, Tewksbury, MA., attorney Charles Foster will continue to offer legal and debt collection services to the health care industry.