|[January 15, 2013]
Hilco Re-Launches Accounts Receivable Unit to Provide Contingency Fee Collection and Portfolio Acquisition Solutions
NORTHBROOK, Ill. --(Business Wire)--
Hilco Trading, LLC, a world leader in tangible and intangible asset
monetization solutions, today announced the formation of Hilco
Receivables, LLC. Jay Stone has been named CEO.
Jay Stone CEO Hilco Receivables, LLC (Photo: Business Wire)
The new Hilco Receivables is based in Northbrook, Illinois, a northern
Chicago suburb. The company will provide contingency fee collection
services and portfolio acquisitions throughout North America and Europe
on non-performing and under-performing commercial debt. It will also
purchase charged-off consumer debt such as credit card receivables,
student loans, health care receivables and installment loans. In
addition to having a relationship with the American Collectors
Association (ACA), Hilco Receivables is a BBB Accredited Business and is
fully licensed and insured to protect clients.
"We are returning to the receivables business at this time because we
uniquely understand the marketplace and the needs of our financial and
corporate customers. This is another service for us to help customers
maximize the value of any non-performing asset they may have in their
portfolio as a natural extension of our overall Hilco offering," said
Jeff Hecktman, Chairman and CEO of Hilco Trading LLC. "Our original
receivables business quickly established itself as an industry leader
until we sold thecompany in 2007, and we believe it is an important
practice in our overall suite of valuation and monetization services,"
Hecktman said. Prior to selling the company in 2007, the original Hilco
Receivables had acquired nearly $4 billion face value of debt, made
capital investments exceeding $225 million and monetized more than $229
million of debt through contingency fee collection work.
Hecktman hired Jay Stone to serve as the new CEO of the Hilco
Receivables business recognizing the enormous up-side of re-launching
the practice with the right management team and business Strategy. Mr.
Stone had spent nearly six years building his own successful accounts
receivables organization called Steamboat Partners LLC since 2007.
"Jay saw the same opportunity as I did, especially to deploy large
amounts of capital for portfolio acquisitions. With his experience and
leadership I have no doubt he'll repeat his past success," Mr. Hecktman
Joining Jay Stone from Steamboat Partners is a seasoned management team.
Buddy Beaman, EVP/COO, served as a VP for Bear Stearns (eCast) and First
USA / Bank One, running their collections and recovery system as well as
analytics. Bill Schmeiderer, SVP Operations, was Director of the
Commercial A/R Division of Apex (News - Alert) Financial Management. He also worked
with DeVry Incorporated, where he managed student loan collections, and
served with Household International (now HSBC) in collection management.
A team of highly-experienced commercial collectors, each with a minimum
of 20 years of experience, has also joined the new Hilco Receivables.
Jay Stone summed it up. "I'm thrilled to return to Hilco. Together we
bring the best practices and entrepreneurial drive with the financial
strength and global resources of today's Hilco organization."
About Hilco Trading, LLC
is a closely-held, diversified financial and operational services firm.
Its principal competency is valuing and monetizing business assets,
including retail, consumer and industrial inventory, machinery and
equipment, real estate, accounts receivable and intellectual property.
Through an integrated platform of more than 20 business units, Hilco
helps companies and their professional advisors derive the maximum value
for said assets through appraisals, asset disposition and acquisition
services, private equity investments, advisory and consulting services.
Hilco serves retailers, wholesalers, distributors and manufacturers,
directly and through their lenders, investors and advisors, which can
include private equity firms, hedge funds, investment banks, law firms,
turnaround professionals, accounting professionals, bankruptcy trustees
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130115006458/en/
[ Back To Financial Technology's Homepage ]