MINNEAPOLIS – Financial Recovery Services Inc. (FRS), a leading national provider of debt collection services for Fortune 500 consumer creditors, finance companies, and debt buyers, has been honored with two commendations in the span of two days: induction into both Inc. Magazine’s “Inc. 500″ and the Minneapolis-St. Paul Business Journal’s “Growth 50.”
FRS, headquartered in Edina, Minnesota, was named to the 2004 Inc. 500 on Wednesday and received the 2004 Growth 50 award last night at a ceremony in Minneapolis.
The Inc. 500 list – regarded by many since 1982 as the most prestigious indicator of growth by privately-held U.S. companies – represents the small- and medium-sized corporations across the nation that have seen the strongest growth in net sales between 2000 and 2003. Past recipients have included Microsoft, Oracle, E*Trade, Paychex, and Gateway 2000.
FRS ranked 270th among the most rapidly-growing companies in the country – a major milestone for a midsized company that does not outsource work overseas. Outsourcing often accounts for dramatic spikes in growth among businesses in FRS’s class. FRS’s revenue grew from $1.8 million in 2000 to $11.6 million in 2003.
Inc. Magazine will spotlight the Inc. 500 companies in the publication’s special Inc. 500 issue in November, as well as feature them at the 2005 Inc. 500 conference, one of the nation’s most important gatherings of rapidly-growing companies.
In the Minneapolis-St. Paul Business Journal’s 8th annual Growth 50, FRS ranked 4th. Companies on the Growth 50 list consist of corporate entities in the Twin Cities with the highest rate of growth during the three most recent fiscal years, with the revenue of the first of the three years at least $1 million. FRS registered a 340-percent revenue increase between 2001 and 2003, with average annual revenue growth of 263 percent.
Following notification of FRS’s selection for the awards, Brian Bowers, President of FRS, stated, “We are very pleased to see Financial Recovery Services recognized in these significant ways. We owe these distinctions to our employees, who are our greatest asset. It is because of their hard work and dedication that we have become both an Inc. 500 and Growth 50 company.”
FRS currently employs 250 people and has offices in Edina and Brooklyn Center, Minnesota. A new office is set to open in Houston, Texas.
“Our new office in Houston is indicative of the tremendous growth FRS has seen in the past several years. We are excited about this opportunity to expand our reach and demonstrate to more clients why we stand by our motto, ‘It pays to work with us,’” said Mark Pearson, Vice President of Business Development and Marketing at FRS.
Learn more about FRS at its newly-launched website, www.fin-rec.com.
