Central Credit Services Acquires Philadelphia Collection Agency

Central Credit Services, Inc. (CCS), an accounts receivable management solutions provider headquartered in Jacksonville, Fla., today announced it has completed the acquisition of privately-held N1ST Receivables Management Inc., based in Philadelphia, effective August 2008.

A culmination of the ongoing relationship between the two firms that began with a strategic alliance in 2007, this acquisition allows CCS to immediately expand its client and labor footprint into the Philadelphia marketplace, drawing from the rich pool of industry professionals in the Greater Philadelphia Metropolitan region.  It also enables CCS to leverage existing management and collection talent among key employees while presenting opportunities to further diversify the company’s menu of services available to creditors and deployed across the company’s nationwide call center network.

Plans already in the works call for an expansion of the Philadelphia call center to at least 6,000 square feet in the short term to house a staff expected to grow to more than 75 FTE. 

Mike Foerst, one of the founders of N1ST, will stay on and continue managing the call center operations as a part of the CCS team.  He noted, “We are pleased to have joined forces with a strong, nationwide organization like CCS, and we look forward to working toward our future success together.”

James J. Eccleston, President and CEO of CCS, added, “We’ve worked closely with N1ST for some time, and we’re excited by opportunities presented by this transaction that will contribute to our future growth and expansion in the greater Philadelphia area.”

Terms of the agreement were not disclosed.