Citigroup Venture Capital International Acquires Controlling Interest in Receivable Management Services.BETHLEHEM, Pa. -- Receivable Management Services (RMS), a leading global accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying management company, today announced that Citigroup Venture Capital International (CVCI CVCI Combat Vehicle Communications Interface ) has acquired a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the company from PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Equity. "RMS is a leader in global accounts receivable management and has the leading market position in the business to business service segment," said Bob Khanna, a partner with CVCI. "We are excited to move ahead with management on growing the base business while leveraging our international expertise to extend the global platform for RMS." "We look forward to a new phase of growth for RMS with a focus on enhanced customer service and exciting new international solutions for our global customers," said David Huebner, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of RMS. PNC Partner, Jack Glover stated, "We have enjoyed our association with RMS, the management team and its associates. We have worked together to build a stronger franchise and I believe we have succeeded." The history of Receivable Management Services dates back to 1841, the birth of the Dun & Bradstreet Corporation. RMS began as the collection division and to this day maintains an exclusive partnership with D&B. In 2001, a senior management team lead by Mr. Huebner, purchased the business from D&B and established Receivable Management Services as a standalone, independent entity. RMS employs nearly 2,000 associates and services approximately 35,000 customers worldwide. It maintains a global presence with offices and service centers throughout the U.S., Canada, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Mexico, India and Europe (through a partnership with Intrum Justitia Intrum Justitia is a credit management services (CMS) group based close to Stockholm, Sweden. The group offers a wide range of CMS for commercial and consumer receivables and has a growth strategy that involves taking an active part in the industry's consolidation. , the largest European collection agency). About Citigroup Venture Capital International: Citigroup Venture Capital International (CVCI) is a private equity investor that manages over $2 billion in capital and has recently closed the $1.6 billion CVC See CSC. International Growth Fund L.P. The CVC International Growth Fund L.P. seeks investment opportunities in companies with growing cross-border delivery capabilities that seek to capitalize on the growth in Asia and emerging European countries. CVCI has a total of nine offices, including New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Delhi, Hong Kong and London. About Receivable Management Services: Receivable Management Services (RMS), headquartered in Bethlehem, Pennsylvania, with operations in the United States, Canada, Mexico, India and Hong Kong, is a leading global supplier of receivable management services. RMS provides customers with a continuum of services from electronic bill presentment through outsourcing, traditional collections, bankruptcy services and deductions management. RMS is a partner with D&B for collection services. For more information about RMS, please visit the website at www.rmsna.com. About PNC Equity: PNC Equity Management (PNC Equity) founded in 1982, is a private equity firm with over $1 billion of capital under management, making investments of $5 million to $25 million to provide growth capital or to assist in ownership transitions such as leveraged buyouts or recapitalizations. PNC Equity is currently managing and actively making new investments through its PNC Equity Partners, L.P. fund, an outside private equity fund raised in 2001. For more information about PNC Equity, please visit the website at www.pncequity.com. |
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