NEWS RELEASE
For Immediate Release
EXPERT GLOBAL SOLUTIONS COMPLETES SALE OF CERTAIN SEGMENTS OF ACCOUNTS RECEIVABLE MANAGEMENT BUSINESS TO PLATINUM EQUITY
Tim Galloway to Lead Transworld Systems Going Forward
Plano, Tex., and Los Angeles, Calif. — Nov. 3, 2014 — Expert Global Solutions (EGS) and Platinum Equity announced today that the sale of certain segments of EGS’s Accounts Receivable Management (ARM) business to Platinum Equity has been completed. Financial terms of the transaction were not disclosed. EGS is a global leader in the Business Process Outsourcing (BPO) industry and Platinum Equity is a Los Angeles-based private equity firm with a highly-specialized focus on business operations.
The transaction was first announced in July. Since that time, Platinum Equity and EGS worked to obtain required regulatory approvals and developed plans to ensure a smooth transition for employees, clients and other stakeholders.
The sale comprised several segments within EGS’ ARM business: Transworld Systems, Education, Attorney Network, Healthcare, Government and U.S.-based Third Party Collections. Those segments have been consolidated into a single enterprise and will operate as Transworld Systems (TSI) under the leadership of company veteran Tim Galloway, who has been appointed President of TSI. A new TSI corporate identity campaign will roll out over the coming weeks in support of the transition.
Bob Segert, EGS president and chief executive officer, commented on the partnership between EGS and Platinum Equity and cited the sale as a win for all involved.
“Platinum Equity has been a great partner throughout this process. We are confident these businesses will continue to thrive under their ownership,” Mr. Segert said. “For EGS, this sale enables us to improve the financial health and performance of our company, while sharpening our focus and ability to invest in key segments, services and strengths, specifically Customer Relationship Management, First Party Accounts Receivable Management, and International Collections.”
Platinum Equity partner Jacob Kotzubei said the focus now is on ensuring a seamless transition and supporting the company’s long-term strategic plan.
“TSI is well positioned to thrive, with an experienced leadership team, world-class compliance infrastructure, state-of-the-art technology and a strong reputation with the clients it serves,” said Mr. Kotzubei. “We look forward to working with Tim and his team to maintain a strong culture of compliance and to grow by continuing to invest in people and infrastructure.”
Mr. Galloway has 18 years of BPO experience and has been with various segments of TSI and its predecessor companies for more than 10 years. Most recently, Mr. Galloway served as Co-Head of NCO’s ARM business, under EGS’ ownership, where he had responsibility for operations in NCO’s government, education, and transportation divisions, as well as NCO’s Attorney Network and Master Servicing partnerships.
“I am excited about the opportunity to build on the great heritage and established culture of the company while charting our own course forward as a standalone business with all the tools we need to maximize our potential,” said Mr. Galloway.
About Platinum Equity
Founded by Tom Gores in 1995, Platinum Equity is a global investment firm with more than $7 billion in assets under management and a portfolio of operating companies that generated approximately $15 billion in revenue in 2013. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy the firm calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, information technology, telecommunications, transportation and logistics, media, equipment rental, metals and other industries. Over the past 19 years Platinum Equity has completed more than 150 acquisitions. For more information, visit Platinum Equity’s website:www.platinumequity.com.
EGS Media Contact:
Margie Morse
Vice President, Marketing and Communications
Email: Margie.Morse@egscorp.com
Phone: 623-580-6226
Platinum Equity Media Contact:
Dan Whelan
Senior Vice President
E-mail: DWhelan@platinumequity.com
Phone: 310-282-9202
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