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August 1, 2006

Charlesbank Capital Partners Recapitalizes The Horn Companies

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.”


Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. Visit for more information.


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