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CHARLESBANK CAPITAL PARTNERS
AND OCWEN FINANCIAL
ACQUIRE BANKRUPTCY MANAGEMENT SOLUTIONS
Boston, MA, August 1, 2006 –
Charlesbank Capital Partners has announced the acquisition
of Bankruptcy Management Solutions (BMS) in partnership
with management and Ocwen Financial Corporation (NYSE:
OCN). BMS, based in Irvine, CA, is the leading national
provider of bankruptcy case management solutions to
Chapter 7 trustees. Senior financing was provided by
JPMorgan Chase, Credit Suisse Securities and SunTrust
Bank. Terms of the transaction were not disclosed.
Founded in 1987, BMS provides bankruptcy trustees and
other fiduciary customers with proprietary software
products, computer hardware and support services designed
to assist in the administration of bankruptcy cases.
BMS enables trustees to automate and manage virtually
all aspects of their operations, including accounting,
banking and regulatory reporting. JPMorgan Chase has
historically been the primary depository partner for
balances generated by BMS’s customers and will
continue as such after the transaction closes.
“We are proud to have deep-rooted customer relationships
and a reputation for exceptional service,” says
BMS President David Watkins, a 20-year veteran of the
company. “With Charlesbank and Ocwen as our financial
partners, we have developed a shared vision for growth,
building on the client-focused tradition that has made
us an industry leader. We are delighted to embark on
this new partnership and at the same time to reaffirm
our great relationship with JPMorgan Chase.”
“We were attracted to BMS by its remarkably stable
performance, clear market leadership and significant
growth opportunity,” says Michael Choe, Managing
Director, Charlesbank Capital Partners. “BMS’s
success is a credit to the management team, and we look
forward to working with them to continue to grow this
exceptional company.”
About Charlesbank
With offices in Boston and New York, Charlesbank Capital
Partners is a middle-market private equity investment
firm managing more than $1 billion of capital. Charlesbank
focuses on management-led buyouts and growth capital
financings, typically investing $25 million to $75 million
per transaction in companies with enterprise values
of $50 million to $750 million. The firm seeks to partner
with strong management teams to build companies with
sustainable competitive advantage and excellent prospects
for growth. Charlesbank is currently investing through
Charlesbank Equity Fund VI, a $900 million fund. For
more information, visit www.charlesbank.com.
About Ocwen
Ocwen Financial Corporation is a leading provider of
servicing and origination processing solutions to the
loan industry. Headquartered in West Palm Beach, FL,
Ocwen also has offices in Orlando, FL, Downers Grove,
IL, and Atlanta, GA, and global operations in Canada,
Germany, India and Taiwan. Additional information is
available at www.ocwen.com.
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