Private equity firm HIG Capital has completed the recapitalization of TrakAmerica and the acquisition of Allion Healthcare.
Founded in 2000 and based in Naples, Florida, Trak is a provider of accounts receivable management services to consumer credit originators and debt buyers.
HIG Capital led the transaction in collaboration with the Reprise Management Group. Reprise was formed in April 2009 to make strategic investments in accounts receivable management services companies.
Trak is the second acquisition in the past 30 days for HIG and Reprise, and will serve as a platform for future growth in legal inventory management services.
The investment will provide Trak with additional growth capital while both HIG and Reprise will support Trak with strategic assistance as it continues to expand its presence in the sector.
HIG Capital managing director Jeff Zanarini (pictured) says: "We are excited to invest in Trak and partner with Tom Dalessandro and his talented management team. Trak is a highly differentiated solutions provider with a track record of delivering superior recovery performance to its customers. TRAK is the largest independent player in the legal inventory management space and the best at what they do. Our investment will help Trak build on its successful legacy.”
Trak’s management team, led by chief executive Thomas Dalessandro and president Vincent Iacono, will continue to hold a significant equity ownership stake.
HIG Capital has also closed its previously announced acquisition of Allion Healthcare. Based in Melville, New York, Allion Healthcare is a provider of specialty pharmacy and disease management services focused on HIV/AIDS patients as well as specialized biopharmaceutical medications and services to chronically ill patients.
Pursuant to the definitive merger agreement between affiliates of HIG Capital and Allion Healthcare signed on 18 October 2009, stockholders are entitled to receive USD6.60 per share in cash. The going-private transaction was approved at the stockholders meeting held on 11 January 2010. The transaction values Allion at approximately USD278m.
