A private holding company that says it is actively seeking to purchase accounts receivable management firms has announced the acquisition of a collection agency based in Washington.
Terms of the deal were not disclosed.
Thomas Crown Inc., which was formed in 2019, announced the purchase of Rainier Collections Services, based in Bellevue, Wash. Teran Dale, the principal and president of Thomas Crown will become the new chief executive of Rainier Collections Services, according to a press release announcing the acquisition. Lance Schroder and Leah Craig, the president and vice president of Rainier Collections Services, will remain in their roles at the company, according to the release.
“This is an excellent acquisition for TC, and we welcome Rainier Collections Services into the family,” Dale said in the release. “The accounts receivable management industry (ARM) is rapidly changing along with the needs and wants of consumers and businesses. Technology and human behavior will play an important role. We see an exceptionally bright future for Rainier and TC.”
On its website, Thomas Crown says it is interested in purchasing consumer and commercial collection agencies, accounts receivable firms, debt portfolio purchasing companies, and BPO organizations. The company claims to be “revolutionizing the debt industry with new technology, exceptional compliance systems, and operational efficiency.”
Said Schroder: “It’s an exciting time when our team can only be strengthened by coming together with Thomas Crown, Inc. Great times are ahead. I’m really looking forward to a long relationship.”