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SOURCE: Evergreen Industries LLC
Evergreen Industries, a lower middle market private equity firm, announced the profitable sale of IAB Solutions to an affiliate of Skillman Management & Capital. IAB, a nationally recognized leader in deduction and accounts receivable management, was acquired by Evergreen and Greyrock Capital Group in 2007.
Philadelphia, PA (PRWEB) February 13, 2013
Evergreen Industries LLC announced that it has completed the sale of its investment position in IAB Solutions, LLC (“IAB”), in connection with the strategic investment in IAB by an affiliate of Skillman Management & Capital, LLC (“Skillman”). IAB, based in Clarks Summit, PA, was acquired by Evergreen and Greyrock Capital Group in 2007, and is a nationally recognized leader in the deduction management and accounts receivable management (ARM) industry. Skillman does not intend to change how IAB conducts its business, other than continued investment in its technology and service offerings. The terms of the transaction were not disclosed.
During Evergreen’s ownership, the private equity firm worked actively with IAB’s CEO to build the management team and create a sales, marketing and channel development strategy to support a stronger growth plan. Kenneth E. Green, Co-Chairman of IAB, stated, “We are very pleased to have partnered with Evergreen, who provided the support and guidance for us in 2007 to build additional infrastructure and financial controls enabling us to transition from an owner operated business to professionally managed organization with sustainable growth prospects.”
Steve Dempsey, Partner of Gregrock Capital Group, which also sold its position in IAB, stated “When the financial crisis had an impact on IAB in 2008, Evergreen rolled up their sleeves and provided critical strategic guidance and involvement to assist management succeed despite the downturn. Evergreen supported the investment with the type of involvement that we hope for and expect from partners and Greyrock is pleased with the outcome.”
About IAB Solutions, LLC
IAB Solutions, LLC is a nationwide, full-service, non-consumer accounts receivable service provider. Since 1984 the company has specialized in the recovery, resolution, and management of customer deductions and chargebacks, as well as the invoice collection process between companies. With five offices as well as on-site service, IAB works independently as an extension of accounts receivable departments, and partners to help its clients’ achieve specific accounts receivable goals. The company’s strengths lie in developing and maintaining long-term, mutually beneficial client partnerships, providing exceptional customer service, driving more dollars to clients’ bottom lines and delivering accurate, actionable information for deduction prevention and process improvement.
About Evergreen Industries, LLC
Evergreen Industries, LLC is a Philadelphia-based private equity investment firm that provides capital and management support to high-performance businesses in partnership with entrepreneurs, key managers, and family or closely-held business in transition. Evergreen seeks to acquire control and non-control interests in business service and manufacturing-related companies with revenues between $10 million and $50 million that participate in niches where Evergreen can leverage its resources and experience to drive value creation.
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