NEW YORK – IntelliRisk Management Corporation (IRMC), a premier provider of customer management solutions specializing in customer retention, accounts receivable management, and collections services, today announced the completion of a major refinancing that lowers its debt, increases liquidity and brings a fresh infusion of capital into the company.
The refinancing was led by a $37.5 million capital investment from Harvest Partners, a New York-based private equity firm. Global investment bank leader Goldman Sachs provided $90 million in debt financing and Wells Fargo Foothill, a leader in innovative financing, established a $20 million permanent debt facility and a $20 million revolver.
“This refinancing is a major milestone in the history of IRMC. It will allow us to make the investments necessary to better serve our clients and grow the company,” said Vikas Kapoor, President and CEO of IRMC. “By significantly reducing our debt, the refinancing dramatically improves our balance sheet. It frees up liquidity and allows us to make strategic capital expenditures in information, technology and analytics. And with very flexible covenants, we will be able to invest more in vital human resources needs and expand our global footprint.”
IRMC optimizes performance for its clients through the application of leading-edge portfolio management and analysis, state-of-the-art technology and the dynamic global allocation of work geared to a client base that has complex customer needs.
“We are very bullish on IRMC and believe it is well-positioned for growth,” said Stephen Eisenstein, Senior Managing Director of Harvest Partners, and IRMC board member. “This refinancing puts IRMC on a very solid footing and unlocks a tremendous amount of latent value in the company. We are expecting great things from IRMC and its entire team.”
Harvest Partners is a leading New York-based private equity investment firm, pursuing management buyouts and growth financings of profitable, medium-sized businesses and currently has more than $1 billion of invested and committed capital under management from its limited partners.
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals. The firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.
Wells Fargo Foothill is part of The Foothill Group, Inc., (owned by the Wells Fargo & Company (NYSE:WFC)), and was founded in 1970 to provide businesses with an alternative source of financing.
IRMC provides client solutions through its 6,000 employees located in North America, Europe, and Asia. With an experienced management team and top-tier investors including Goldman Sachs, Wells Fargo Foothill, and Harvest Partners, IRMC is a growing, mid-cap company with more than $300 million in revenue serving more than 800 clients and 100 key relationships globally.
