Kaulkin Ginsberg Announces Formation of New Debt Collection Agency – Greystone Alliance – Led By Industry Veteran Anthony Frisicaro

Greystone Alliance, LLC acquires Elite Recovery ServicesFebruary 2, 2009: Rockville, MD – Kaulkin Ginsberg announced today that industry veteran Anthony Frisicaro has formulated a new debt collection firm, Greystone Alliance, LLC.  The new company is based in Buffalo, N.Y. and specializes in bank card and retail collections for credit card issuers and debt purchasers.  Frisicaro is CEO and President of the new company, which is in the process of purchasing the assets and facilities of Elite Recovery Services, a debt collection firm in Buffalo that has ceased operations.  Kaulkin Ginsberg advised Mr. Frisicaro and initiated the transaction, which is slated to close at the end of February. Terms were not disclosed.

“Tony is still passionate about the industry and his experience will be a competitive advantage for his company,” noted Michael Lamm, Associate at Kaulkin Ginsberg and advisor on the transaction. Mr. Frisicaro has an in-depth knowledge of the banking/consumer lending industry. He had over 20 years experience at credit-granting organizations before serving 17 years in senior management positions within the accounts receivable management industry (ARM). Most recently, he was founder of Account Solutions Group, LLC, a debt collection agency that grew from a staff of five in 1995 to a staff of nearly 600 when it was sold to India-based ICICI OneSource (now Firstsource Advantage, LLC) in 2004.

Mr. Frisicaro has selected a talented and experienced management team to oversee the operation, and plans are in place to increase that staff to include 100 collectors by year-end. “Although times are difficult economically, I see great opportunity for the strong to survive and prosper in this marketplace,” added Mr. Frisicaro. “We are re-entering the market with a skilled, experienced management team.  Focused on expense control and productivity supported by state-of-the-art technology, we’ll operate with a business philosophy that benefits the employee, our clients and their customers as well as our community.”

“I recognize that these are unprecedented economic times, but I’ve worked through trying times before and we ended up on the right side,” said Mr. Frisicaro. “I attribute that success to the values and culture we developed which, in turn, resulted in an extremely high level of customer service and productivity.”

Mr. Lamm expects to see more experienced accounts receivable management professionals returning to the industry over the next year or so.  “Many of these executives got out of the industry during the very active M&A period from 2004 to 2007 and now that their non-competes have expired, many of them are seeking opportunities to get involved again. In today’s down economy, the entry price for some underperforming companies presents an attractive acquisition opportunity for proven veterans,” he said.

Contact:
Anne Strong, Director of Marketing
Kaulkin Ginsberg Company
Tel: 240-499-3816

About Kaulkin Ginsberg
As the leading M&A advisor for the debt collection / accounts receivable management industry (ARM), Kaulkin Ginsberg has completed over 125 M&A transactions valued at over $3 billion. For ARM service providers, value-add strategic advisory services focus on analysis, growth, and exit strategies. For credit grantors, the focus is on optimizing receivables management strategies. Kaulkin Ginsberg’s media division is the worldwide leader in providing timely news and insight on the recovery of debt in all industries. Kaulkin Information Systems creates secure and affordable workflow, document, and business process management technologies. Read more about Kaulkin Ginsberg at www.kaulkin.com.

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