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| 10-01-07 |
| ARL acquires SMS |
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"Press release”Australian Receivables Ltd (ARL)Acquires Statewide Mercantile Services (SMS) Australian Receivables Ltd, the Australian Subsidiary of the Global, NCO Group Inc., of the US, has acquired the business of Statewide Mercantile Services. When entering the Australian market in 2006, NCO flagged its intention to grow its business in Australia by continuing the strong growth which ARL had delivered and by strategic acquisitions. In recent weeks NCO has also been active in the Debt Acquisition market in Australia, displacing some established Australian acquirers and securing forward flow contracts with Major Australian Financial Institutions, in transactions worth more than $150,000,000.00.The acquisition of SMS will deliver a specialist receivable resource with more than 220 employees, 12 offices and services mirroring the most successful companies in the sector, supported by the most experienced management team in the market and with the benefit of International experience and financial support.The Process Serving and Field activities will continue in the name of Statewide Mercantile Services Pty Ltd, while receivables management and collection services, together with the rapidly growing Debt Purchase activities, will be operated under the ARL brand. The legal services activities will be undertaken through Forbes Dowling, Lawyers. Regional Managing Director, Paul Cooney commented, that “this is our first acquisition since becoming part of the NCO Group and it has been completed using the experience and resources of a team which has taken NCO to its position as World leader in this rapidly growing sector. We are very pleased that we have been able to retain the staff who have made Statewide such a well regarded specialist, and their National Office Network and range of relationships will compliment ARL business and create very important advantages for our business.” “Since NCO Group Inc., acquired ARL in July 2006, it has been reviewing local acquisition opportunities, consistent with the stated investment strategy for the expansion of their business in the region. Statewide offered a well run, specialist business, with a loyal and growing client base, and a highly skilled and motivated workforce. This, together with the opportunity to expand into the Process Serving sector, were the key drivers for this acquisition.”The management of SMS will be retained and will assume new responsibilities in the expanded group, and staff will be offered ongoing employment opportunities.“I am confident that the merging of the two businesses will deliver substantial returns to all of our stakeholders, and will position the new company as one of the larger providers in the Debt Recovery and Receivables Management Services sectors in the region. Regards, Paul J CooneyManaging Director |
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