Inverness Graham Announces the Successful Sale of Concord Servicing
Inverness Graham Investments, a prominent buyout firm based in Philadelphia, has successfully accomplished the sale of Concord Servicing. This move marks a significant milestone for the firm, which specializes in acquiring innovative and high-growth companies that leverage technology to reshape traditional industries.
Transformative Journey of Concord Servicing
Concord, which focuses on providing advanced financial technology solutions, particularly for specialty loan markets, has been on a transformative journey since its acquisition by Inverness Graham. Acquired in early 2022, the company has made impressive strides under the stewardship of Inverness Graham, greatly enhancing its proprietary software platform and expanding its market reach through innovative product introductions.
Remarkably, during the span of just three years, Concord has seen its EBITDA grow by more than 2.5 times, showcasing the effectiveness of the operational improvements made possible by the partnership with Inverness Graham.
Leadership Statements on the Sale
Michael Morrissey, Managing Principal at Inverness Graham, expressed enthusiasm about the sale, highlighting Concord's role as a clear market leader in specialty loan servicing. He noted that this sale represents the second successful Strategic Platform Build facilitated by working collaboratively with CEO Jason Alexander.
Furthermore, Paul Nolen, also a Managing Principal at Inverness Graham Green Light Fund, emphasized the strategic changes made under Alexander's leadership, which not only advanced Concord's standing within the residential solar and energy efficiency loan servicing sectors but also aligned with the fund’s commitment to environmental sustainability.
Concord's Future Growth Potential
Jason Alexander, the former CEO of Concord, shared insights about the company’s success during his tenure. He pointed out that the partnership with Inverness Graham was essential in fortifying Concord's business foundations. Enhancements to the leadership team and major improvements to software infrastructure have significantly bolstered loan performance.
Looking ahead, Alexander expressed optimism about Concord's prospects for growth, stating that the company is well-positioned for the next phase of its journey, buoyed by the foundational improvements made during Inverness Graham's ownership.
Transaction Notes and Legal Representation
While specific terms of the transaction have not been published, the sale signifies a noteworthy chapter for both Inverness Graham and Concord. Legal representation for Inverness Graham in this transaction was provided by Faegre Drinker Biddle & Reath LLP, while Aeris Partners LLC acted as the exclusive financial advisor for Concord.
About Inverness Graham Investments
Inverness Graham is dedicated to pursuing investments in innovative sectors, especially in Healthcare, Tech-Enabled Services, Software, and Advanced Manufacturing. The firm’s Green Light strategy is especially focused on technology-enabled businesses where the drive for Environmental Sustainability fosters robust growth opportunities. With a legacy of operational excellence spanning over 60 years, the firm applies a distinctive, repeatable approach to value creation through its Strategic Platform Build model.
About Inverness Graham Green Light Fund
The Inverness Graham Green Light Fund concentrates on acquiring lower middle-market companies that yield significant environmental benefits. This focused strategy highlights key investment themes where there is burgeoning demand for sustainable advancements, such as the AgTech, Energy, Industrial, and Built World transitions.
Frequently Asked Questions
What is the significance of the sale of Concord Servicing?
The sale reflects Inverness Graham's successful investment strategy and highlights Concord's growth under this partnership.
Who were the key players in this transaction?
Michael Morrissey and Paul Nolen from Inverness Graham played significant roles, alongside former CEO Jason Alexander of Concord.
How did Concord's performance change during its ownership by Inverness Graham?
Concord's EBITDA increased by over 2.5 times, demonstrating effective operational improvements and strategic growth initiatives.
What kind of businesses does Inverness Graham typically invest in?
Inverness Graham focuses on high-growth companies in sectors like Healthcare, Tech-Enabled Services, and Advanced Manufacturing, with an emphasis on sustainability.
What future prospects does Concord have following the sale?
Concord is well-positioned for continued growth, with a strengthened operational foundation and expanded market reach due to the enhancements made during its partnership with Inverness Graham.
