News

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Silver Oak Services Partners Acquires Convergent Resources

Jun. 01, 2007 -Portfolio Company News

Silver Oak Services Partners, LLC announced that it has led a leveraged recapitalization of Atlanta, Georgia-based Convergent Resources, Inc. (“CRI”) in partnership with the company’s management and leading co-investors from the limited partner community.

CRI, founded in 1998, is a leading provider of Accounts Receivable Management (ARM) services to a broad array of industries including healthcare, utilities, telecommunications, and financial services. CRI is one of the largest providers of specialty ARM services with over 1,700 employees in 12 locations. CRI predominantly serves a diverse mix of attractive, less volatile and less competitive ARM niches.

Silver Oak is partnering with Michael Micek and Michael Harrison, former senior executives of West Corporation, and Peter Picciocca, current CRI CEO and former senior executive of Equifax. Silver Oak and management intend to leverage CRI’s strong market reputation to profitably grow the business. The company, which includes the ER Solutions and AHC brand names, has long-standing relationships with many of the largest hospital chains, utilities, telecommunications providers, and financial services companies in the United States. In pursuing its growth strategy, CRI is also actively looking for add-on acquisitions of complementary ARM businesses.

“We are very excited to be working with Silver Oak Services Executive Partner Mike Micek and Peter Picciocca and the highly experienced management team at CRI. We are enthusiastic about the company’s growth prospects and look forward to continuing the company’s tradition of providing excellent customer service,” said Dan Gill, managing partner of Silver Oak.

Please contact Dan Gill or Dave Bornhoeft of Silver Oak for additional information.

CRI is the third acquisition and second portfolio investment of Silver Oak Services Partners, LLC. Silver Oak invests in business, consumer and healthcare services companies in the lower middle market, typically with revenue between $15 million to $150 million