February 25, 2014
Nashville, TN – Primeritus Financial Services, Inc., a leader in recovery management, skip tracing and remarketing services, today announced their acquisition of Repo Remarketing, a principal recovery and remarketing firm. Included in the acquisition is Find Track Locate, Repo Remarketing’s skip tracing unit.
Primeritus Financial Services (PFS) is a national provider of repossession services, recovery management, and skip tracing. This acquisition gives PFS a footprint into the fragmented credit union market, where Repo Remarketing has developed a customized, service-driven repossession and remarketing technology platform for credit unions.
Lance Gartner, the founder of Repo Remarketing, will remain on as president of the company he founded in 1998 in Citrus Heights, CA. The company’s 26 employees will relocated to PFS’ headquarters in El Dorado Hills, CA.
Terms of the transaction were not disclosed. Mr. Gartner was represented in the transaction by Gold Country Advisors, a merger-and-acquisition/strategic advisory firm in Folsom, CA.
“The Gartner’s have built a streamlined flagship repossession and remarketing platform for credit unions, which is a perfect complement to all of the services our organization provides for banks, captive finance companies and specialty lenders” said Primeritus Chairman, Cam Hitchcock. “Our collaboration with Repo Remarketing will expand our footprint, especially within the credit union market, where Repo Remarketing has developed a leading platform. We’re proud to welcome Repo Remarketing into the Primeritus family of companies,” concluded Hitchcock.
Primeritus CEO Chuck Tapp went on to say, “Lance and Victoria Gartner built Repo Remarketing into a great niche business over the last 16 years. Their company has an excellent reputation for assisting credit unions and other financial institutions in the remarketing cycle, and we are very excited at the combined coverage this will create by incorporating their organization’s strengths within the framework of our own.”
Gartner said, “By aligning with Primeritus, the leading recovery management company in the country, our many partners will benefit from their deep industry resources. Moreover, Repo Remarketing staff will have more options to better serve our partners while we continue to provide the exceptional service we always have. We’re excited to join their team of professionals. Primeritus will assist Repo Remarketing in its continued growth by providing streamline and efficient services to lift the level of industry standards by which all others are measured.”
Primeritus’ Joe Mappes, Executive Vice President reports the company will begin to immediately execute on its plan to combine agent networks and integrate operations, along with customer care functions, within the two organizations.