NEW YORK--(BUSINESS WIRE)--Post Capital Partners today announced that it has partnered with the existing shareholders, Thomas Darnell and David Mulberry, and Robert Mannarino, an executive and industry veteran in the BPO and outsourced government services industry, to complete the recapitalization of Property Registration Champions, LLC (“PROCHAMPS” or the “Company”).
PROCHAMPS is a full-service technology and program administrator for property registration programs across the country. Utilizing the experience of its employees and its proprietary technology, the Company partners with municipalities to assist with creating or modifying property registration ordinances, identify foreclosed and vacant properties, engage with responsible parties to fulfill registration requirements and collect registration fees. In addition, PROCHAMPS recently launched a rental property registration offering for renter occupied properties which has become an area of concern for municipalities. Through its services, PROCHAMPS provides municipalities with significantly improved property registration compliance rates and incremental revenue with no out-of-pocket cost.
“Tom and Dave have built a terrific business with PROCHAMPS. Together we want to continue to assist municipalities with their property management needs, as well as expand into additional service offerings to better serve our municipal clients going-forward,” said Michael Pfeffer, Managing Director of Post Capital.
Post Capital utilizes an Executive-First strategy in which it works with talented executives to proactively identify and then invest in attractive businesses together. Bob Mannarino, a 30-year veteran in the management and leadership of outsourced services companies, will join the PROCHAMPS management team as CEO. He was most recently interim CEO of GCR Incorporated, an IT and professional services company. Post Capital worked closely with Bob to identify, evaluate and structure the PROCHAMPS transaction. “I am thrilled to join the PROCHAMPS team and to help the company continue to grow and serve its clients,” said Bob Mannarino.
“As a result of the 2008 housing crisis, municipalities were faced with an overwhelming number of abandoned properties that were not maintained and became havens for crime,” said Tom Darnell. “As municipalities in the U.S. started to pass foreclosure property registration ordinances, we saw an opportunity to help municipalities enforce the ordinances and understand who was responsible for a property. Similarly, we are expanding into the rental market now as there is a growing need for municipalities to understand where rentals are taking place within their jurisdiction.”
Bank United provided senior debt financing for the transaction, Winston & Strawn and McGuireWoods served as Post Capital’s legal advisors and Crowe Horwarth assisted Post Capital with its financial due diligence. XLCS Partners served as financial advisor to PROCHAMPS.
About Post Capital Partners
Post Capital Partners (http://www.postcp.com) is a private investment firm that makes both minority growth and control investments in businesses with repeat or recurring revenue models. Post Capital primarily employs an "Executive-First" deal sourcing and investment strategy in which it first identifies and partners with talented senior operating executives and then works proactively with those "Executive Partners" to identify investments. In addition to "Executive-First" platform searches, Post Capital also pursues management buyouts and growth capital investments. Based in New York City, Post Capital invests a committed capital fund with top-tier institutional and sophisticated private investors.
Property Registration Champions, LLC, based in Melbourne, Florida, is a full-service technology and system administrator for property registration programs across the country. The Company efficiently manages vacant, foreclosure and rental property registration programs on behalf of local municipalities to help achieve higher property registration compliance, which in turn improves neighborhood safety, reduces crime and increases home values. PROCHAMPS provides a turnkey solution to municipal customers by (i) identifying properties that require registration, (ii) verifying that the property meets the local ordinances for registration, (iii) contacting the responsible party to register, and (iv) collecting registration fees and updating the municipality’s database on an automated ongoing basis. To learn more information about PROCHAMPS, visit https://www.prochamps.com.