Flock Specialty Finance, a financing company for middle market debt buyers and collection agencies, announces the recapitalization of Velocity Portfolio Group Inc., a debt buyer based in Wall, N.J.
Flock facilitated and provided funding for the $20 million recap of Velocitys existing inventory of portfolios. As part of this agreement, Flock will become a financial partner and strategic advisor for Velocitys future purchases of charged off debt portfolios.
Jim Mastriani, president of Velocity said, "The Flock team provided Velocity with a very competitive financial solution for our company, and they were very easy to work with. In todays business climate, it is essential to partner with a specialty finance group that knows how to help grow your business. FLOCK not only has the capital, but their understanding of our business makes for a good strategic partner.
Flock Specialty Finances chairman and CEO, Michael Flock, added, "Velocitys experience and expertise in legal collections are first rate. We look forward to focusing our resources on their strategic growth plans and helping them build new client relationships.
Flock cites a company mission of providing "clients with capital and expertise needed to optimize both portfolio purchases and the companys financial value."
Founded in 2003, Velocity Recoveries has more than ten years of experience using a legal focused strategy to convert distressed receivables to cash. Velocity regularly monitors the performance of its affiliated law firms and works with those firms to maximize collections.