EMCC Acquires $560 Million Portfolio from Conseco Finance

Pembroke, MA – EMCC, Inc., a leading national provider of receivables management solutions, announced today it has acquired a portfolio of manufactured housing receivables from Conseco Finance Corp. EMCC is joined in this transaction by its partner the Asset Solutions Group, A Cargill Value Investment Business.

The portfolio consists of $560.4 million of consumer loans generated through the sale of manufactured housing units. Conseco is one of the country’s largest originators of such loans.

“EMCC is committed to locating and funding these kinds of transactions,” said Stacey Schacter (more info), EMCC’s CEO. “Our purpose is to provide financial liquidity to companies that require creative receivables management solutions. We continue to grow as well as demonstrate the breadth of our capabilities through acquisitions such as this.”

Gregg Haugen, Senior Vice President of Cargill Value Investment added, “This transaction is certainly consistent with our objective of developing long-term relationships with owners of sub- and non-performing portfolios by providing competitive and innovative solutions in a timely fashion. We are pleased to be able to assist Conseco in resolving this manufactured housing portfolio by transferring it to a servicing specialist like EMCC.”

EMCC is an affiliate of the Schottenstein Stores Corporation, one of the country’s largest retail conglomerates. EMCC was founded in 1978 as a collections company for the retail industry, and quickly grew into a full-service national provider of receivables management solutions including portfolio purchasing, collections, servicing, and consulting in a wide range of industries. Today, EMCC is redefining the industry with solution-oriented business lines, new ideas, and significant investments in next-generation information technologies. For additional information, please visit www.emccinc.com.

The Asset Solutions Group, A Cargill Value Investment Business, is an industry leading principal investor in sub- and non-performing consumer, residential and commercial portfolios. The Asset Solutions Group employs specialized servicing relationships and superior pricing analytics while leveraging the financial strength of Cargill, a $50 billion diversified, multi-national company. In the last year, the Asset Solutions Group has invested over $400 million in sub- and non-performing consumer portfolios with a face value of over $10 billion. For additional information, please visit www.assetsolutions-cargill.com.

CONTACT:
Frank Butterworth
Vice President, Business Development
EMCC, Inc.
33 Riverside Drive
Pembroke, MA 02359
800-880-8899 x3150