Recovery management and skip-tracing services provider Primeritus Financial Services acquired one of its industry peers, Renovo Services, on Thursday. Information on the new product portfolio and agenda is expected in the coming months.
“The completion of this acquisition represents another major step in Primeritus’ evolution and growth in the recovery services and skip-tracing industry,” Cam Hitchcock, executive chairman of the Brentwood, Tenn.-based company said in a release. “Primeritus and Renovo will be a great combined entity. … Primeritus will be redefined as the company best able to assist clients in increasing their business agility.”
Just three months after being launched when wholesale veterans Hitchcock, Chuck Tapp, and Phil Hanks acquired the assets of ASR Nationwide, the newly rebranded Primeritus obtained The M. Davis Company, a repossession management, skip-tracing, transport and vehicle-remarketing services company that owned USA Recovery, Skip Masters and USA Transport.
"We believe this expansion increases our ability to innovate and develop solutions for our customers, and will further enhance our investments in training, compliance, and technology initiatives,” Tapp said. “Primeritus can now begin to execute its plan to combine agent networks and integrate operations and customer-care functions within these two organizations."