Vancouver, B.C. August 5, 2011 –Yellow Point Equity Partners II LP (“Yellow Point”) announced today the closing of the management buyout of CBV Collection Services Ltd. (“CBV”).
CBV is a leading Canadian accounts receivable management company. Headquartered in Vancouver and with offices across Canada, CBV is licensed to collect in all provinces and territories. Founded in 1921, the company has long-standing relationships with numerous prominent blue-chip customers and government institutions. CBV uses its leading edge technology, team-oriented culture and skilled collectors to generate top returns for clients through ethical and responsible collection practices. CBV is well positioned to take advantage of the upward trend in consumer debt levels, industry consolidation and increased outsourcing of accounts receivable management.
Yellow Point partnered with several members of the CBV senior management team in the acquisition. Co-investor Bob Richards, formerly Executive Vice President and COO of CBV, has been promoted to President and CEO and will continue to lead the business. The Bank of Montreal was selected as CBV’s new senior debt partner and has provided a significantly increased operating line to support continued growth in discounted debt acquisitions and the business as a whole.
“We are excited about the opportunities this new partnership with Yellow Point presents,” said Bob Richards. “With Yellow Point’s capital, belief in the CBV team and growth-oriented, supportive approach, we are enthusiastic about our ability to provide even higher levels of service to our clients.”
David Chapman, Managing Partner of Yellow Point added, “We are attracted to market leading companies in growth sectors which have strong management teams and long-standing customer relationships. CBV not only fits these criteria, but also brings with it numerous growth initiatives. We look forward to working with management to help the company achieve its next level of success.”
ABOUT YELLOW POINT
Yellow Point Equity Partners is a private equity investment firm with significant operating and investment experience. It invests in outstanding management teams of later-stage growth companies based primarily in western Canada and aims to be the long-term partner of choice for Canada’s leading mid-market companies. Yellow Point’s approach is supportive, hands-off with respect to day-to-day operations and active when it comes to strategic decisions and board work.
For more information, please contact either Brian Begert or David Chapman, or visit www.ypoint.ca.