Navient acquires leading asset recovery firm serving state and local governments
February 25 2015 - 9:00AM
Navient (Nasdaq:NAVI), the nation's leading loan management,
servicing and asset recovery company, announced today that it has
acquired Gila LLC. The Austin, Texas-based asset recovery and
business process outsourcing firm focuses on the state and local
government market, serving more than 600 clients in 39 states.
Commonly known as Municipal Services Bureau, or MSB, the firm
provides receivables management services and account processing
solutions for state governments, court systems and
municipalities.
"This acquisition accelerates Navient's growth in its services
to state and local governments," said John Kane, chief operating
officer, Navient. "We share MSB's strong commitment to client
service and the highest standards of ethics and execution. This
partnership enables us to offer enhanced value to state and local
clients and to successfully recover revenues to fund important
public priorities."
"We're delighted to partner with another leader in the field,
and welcome the opportunity to grow with Navient and further invest
in the services we provide to our clients," said Bruce Cummings,
CEO, Gila.
MSB will maintain its management team, headquarters location,
and staff of approximately 400 people. The firm is expected to
generate approximately $70 million in revenue in 2015. Founded in
1991, the firm was owned previously by Owner Resource Group, an
Austin, Texas-based private investment firm. Lazard Middle Market
served as financial advisor to Gila.
The addition of MSB complements Navient's existing asset
recovery and business process outsourcing services.
About Navient
As the nation's leading loan management, servicing and asset
recovery company, Navient (Nasdaq:NAVI) helps customers navigate
the path to financial success. Servicing more than $300 billion in
student loans, the company supports the educational and economic
achievements of more than 12 million Americans. A growing number of
government and higher education clients rely on Navient for proven
solutions to meet their financial goals. Learn more at navient.com.
Navient began trading on Nasdaq as an independent company on May 1,
2014.
CONTACT: Media:
Patricia Nash Christel
302-283-4076
patricia.christel@navient.com
Investors:
Joe Fisher
302-283-4075
joe.fisher@navient.com
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