We’re growing! Come grow with ERI
The story behind the growth …
Baltimore, MD – Acquisitions rarely occur for the benefit of customers. But that’s exactly what has happened in this recent deal and it’s just one reason why this story is so unique.
Based in Baltimore, Beacon Financial Group purchased ERI in December. The two complimentary companies have combined to quickly create a full service accounts receivable management company serving 3 of the top financial institutions in the nation with ambitious plans to expand its portfolio.
Background: ERI is a leading accounts receivable management specializing in the recovery of deceased debt. BFI specializes in third-party debt collections. Together, the two companies under the ERI name can serve more clients that want to increase their net recoveries and at the same time rest assured that their brand image is protected.
ERI CEO Jennifer Lee said, “BFG’s purchase of ERI will give it access to major client groups that were previously beyond its reach. This new partnership with ERI, a nationally licensed agency, offers BFG a tremendous opportunity to collect on accounts it formerly had to outsource to other agencies.”
Beacon Financial Group: a history of successful growth
Beacon Financial Group, Inc. was founded in 1990 to provide financial consulting services to companies specializing in financial planning and capital makeup, with a focus on debt restructuring and negotiation. In 1994 BFG launched Beacon Services, LLC, to provide a collection platform for the company’s debt purchasing activities. By 1996, Beacon Services had expanded its operations to include providing third party collections on behalf of other companies.
A new era, a new ERI
The acquisition pairs ERI’s 26 years of ARM industry experience in the financial services industry—with its seasoned management team; strong analytic capabilities, SAS 70 certification, and state of the art computer systems; secure office facility with capacity for an additional 100 collectors—with the customer service-driven expertise of Beacon Services and its longstanding relationships with smaller clients and experience in the contingency collection of consumer paper. The combined entities offer current and prospective clients new revenue opportunities through dynamic and efficient methods and varied channels of liquidation.
ERI’s Chairman of the Board, Robert Probasco, commented, “The natural synergy of systems, management vision, opportunity to cross sell existing client relationships and to add services makes this combined entity positions ERI for great success.” National licensing now allows BFG to collect on accounts that they formerly had to outsource to other agencies.