New York, NY – January 24, 2017 – MuniServices, Revenue Discovery Systems (RDS), Broussard Partners and eGov Systems, the leading providers of revenue enhancement, technology and consulting services for government agencies, have announced that Millstein & Co., through the formation of Government Revenue Solutions (GRS), has acquired the firms from PRA Group. Millstein Capital, the firm’s private equity group, focuses on making control-oriented investments in business services and industrial companies throughout North America. GRS is structured to provide continuity and stability to the existing operating companies while enhancing growth and client offerings.
Under PRA Group, the operating companies (MuniServices, RDS, Broussard Partners and eGov Systems) have expanded their reach to become a national consulting firm across the United States. Powered by this national footprint, the collective expertise and breadth of services has grown to match the diverse needs of its clients and will continue to do so under the Government Revenue Solutions entity.
As part of the transaction, Millstein Capital announced that Craig Adler will assume the role of Executive Chairman and Chief Executive Officer for GRS. Adler joins GRS with more than 35-years of accounting, audit and public sector experience. He formerly served as Executive Vice President and CFO at DLT Solutions, a $1 billion public sector-focused software value-added reseller serving federal, state and local governments.
Said Adler, “The management teams at GRS’s operating companies have done an outstanding job over the last 20 years to expand the services, clients and reputation of their respective firms. Millstein Capital sees immense value in MuniServices, RDS, Broussard Partners and eGov, and wants to ensure that their momentum in the marketplace continues. Clients should expect no change in the quality results or high-caliber people on whom they depend, and I look forward to working with government agencies across America to address their revenue challenges.”
Operating company leaders Doug Jensen, Kennon Walthall, Lisa Broussard and Patrick Scott will remain in their roles and provide continuity for clients going forward. In a joint statement, the leaders commented:
“The demand for government revenue services is stronger than ever, and our increased capabilities and expanded footprint have created numerous opportunities for us to help more public agencies. The leadership at Millstein has shown a keen interest in the needs of the public sector. The acquisition reflects Millstein’s belief that Government Revenue Solutions operating companies will continue to play a key role in helping public agencies thrive in a changing world of government finances. Our teams remain focused on client delivery and maintaining our strong reputation with municipal agencies as a thought-leader and partner. We are excited that this new arrangement will allow us to take even better care of our current clients. ”
About Government Revenue Solutions
Through MuniServices, Revenue Discovery Services (RDS), Broussard Partners and eGov Systems, Government Revenue Solutions (GRS) is the leading provider of revenue enhancement, technology and consulting services for government agencies, serving municipal clients across the United States.
About Millstein & Co.
With offices in New York and Washington, D.C., Millstein & Co. is a diversified financial services and merchant banking firm. Millstein & Co. has extensive public sector expertise both in the U.S. and abroad. Millstein Capital, the firm’s private equity group, focuses on making control-oriented investments in business services and industrial companies throughout North America. Millstein Capital works with operating partners to leverage its investment professionals' experience while providing strategic and operational guidance to drive long-term value creation in its portfolio companies.
About PRA Group
As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe. With almost 4,000 employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt and provide a broad range of additional revenue and recovery services to business and government clients. For more information, please visit www.pragroup.com.