ST. LOUIS, MO June 12, 2007 – The Outsource Group (TOG), a leader in healthcare receivables management, announced today that it has merged with Specialized Receivables Incorporated (SRI), a Third-Party Liability (TPL) collections agency in Wakefield, Massachusetts. The merger will significantly increase the size of TOG and extend both companies’ receivables management service lines to their clients. The expanded operation will have offices in Wakefield, Massachusetts, Austin, Texas, and St. Louis, Florissant, and Columbia, Missouri.
Specialized Receivables CEO Sam Rotondi said, “We have been looking for a partner to help us expand, as we take our business model to a national level and continue to invest in technology to better serve our clients. Finding a partner like TOG that understands and complements our business was an ideal fit.” Rotondi will remain President of SRI and will focus on client management and new business development.
Lou Molettiere, SRI’s COO, will also continue in his operations role. “As our name suggests, our services are very specialized, so the merger will enable TOG’s clients to benefit from our 20+ years of success, processing over 1.5 million claims, representing more than one billion dollars in Motor Vehicle and Industrial Accident claim payments,” said Molettiere.
“The merger of these two companies creates a more robust foundation from which to launch even more services, facilitate organic growth, and integrate future strategic acquisitions of healthcare ARM companies,” explains Michael DiMarco, CEO of The Outsource Group. “This merger is one of five we have executed in the past three years – with other synergistic acquisitions in negotiation right now – that will enable TOG to meet the unique and specific needs of all healthcare clients in all parts of North America,” DiMarco said. “I am very excited to provide broader services to all of our clients and especially excited that we will have seasoned industry professionals like Sam and Lou as part of our senior leadership team.”
The Outsource Group continues to explore the acquisition of additional healthcare ARM providers through the resources of its capital partner, Clearlight Partners, LLC, a $600 million private equity fund based in Newport Beach, California.