Flock Advisors, a mergers-and-acquisitions advisory firm, announces a successful senior debt raise for Velocity Portfolio Group LLC, a debt buyer focused on a "legal first" strategy.

Flock Advisors specializes in the collections, debt purchasing and business process outsourcing industries. The firm led the effort to refinance the existing inventory of portfolios and create a new line of credit for the future purchase of charged-off credit card portfolios. A new private debt fund targeting $50 million to $100 million of debt financing, provided the capital for the transaction.

Jack Kleinert, founder and chief executive at Velocity, said: “We are delighted to have access to this capital at a time when the debt purchasing markets are on the rebound (see story). Michael Flock [managing director] and Don Hilbert [director] did an outstanding job of raising the capital and structuring the transaction. Their network of capital sources, their experience and financial expertise in the debt-purchasing industry and their ability to communicate the strengths of Velocity were instrumental in completing the transaction. This was quite a feat in a very tight credit market.”

Flock Advisors’ Falcon Fund (see story) also provided financing for Velocity’s debt purchases during the process.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry