Inverness Graham Announces the Sale of Concord Servicing

WAYNE, Pa.--(BUSINESS WIRE)--Inverness Graham (“IGI”), a Philadelphia-based buyout firm focused on acquiring innovative, high-growth companies where technology is transforming traditional industry, is pleased to announce the sale of Concord Servicing (“Concord”). Headquartered in Scottsdale, AZ, Concord is a leading provider of financial technology solutions to specialty loan markets including residential solar and energy efficient products.

Acquired by Inverness Graham Investments IV and Inverness Graham Green Light Fund in February 2022, Concord represents the first exit for both funds. In three short years of ownership, Inverness Graham successfully transformed the business, modernizing its proprietary software platform, expanding its addressable market through product innovation and driving operational improvements that together grew Concord’s EBITDA by more than 2.5 times.

“Concord has established itself as a clear market leader in specialty loan servicing,” stated Michael Morrissey, Managing Principal at Inverness Graham. “The sale of Concord represents our second successful Strategic Platform Build with Concord CEO Jason Alexander, who previously led our online training provider, Kalkomey.”

Paul Nolen, Managing Principal at Inverness Graham Green Light Fund, stated, “In partnership with Concord’s founder, and leveraging Jason’s deep operational expertise in software-enabled services, we drove a significant strategic transformation accelerating growth at Concord. Consistent with the Green Light Fund’s Environmental Sustainability Now thesis, we advanced the company’s leadership in residential solar and energy efficiency loan servicing, enabling better environmental outcomes.”

Jason Alexander, former CEO of Concord, stated, “Concord’s partnership with Inverness Graham has been integral to the company’s success. Together, we greatly strengthened Concord’s business. We built out a world-class leadership team and made major enhancements to our software infrastructure to improve loan performance for our clients. As a result of these and many other actions, both revenue and EBITDA have more than doubled during my tenure and Inverness Graham’s ownership. The company is well positioned for continued growth ahead, and we are looking forward to the next phase of Concord’s journey.”

Terms of the transaction were not disclosed.

Faegre Drinker Biddle & Reath LLP served as legal counsel to Inverness Graham. Aeris Partners LLC served as exclusive financial advisor to Concord.

About Inverness Graham Investments

Inverness Graham is a Philadelphia based buyout firm focused on acquiring innovative, high-growth companies where technology is transforming traditional industry. The firm’s Flagship strategy focuses on businesses in Healthcare, Tech-Enabled Services / Software and Advanced Manufacturing. The firm’s Green Light strategy targets tech-enabled businesses where Environmental Sustainability is a key driver of accelerating growth. Inverness Graham executes a differentiated, repeatable model for value creation through its proprietary Strategic Platform Build approach. Founded by senior executives of the Graham Group, the firm builds upon a 60-year legacy of operational excellence, bringing substantial value creation resources and an innovative mindset to support its portfolio company partners.

About Inverness Graham Green Light Fund

Inverness Graham Green Light Fund is a lower middle market buyout fund that seeks to acquire innovative, high-growth businesses that deliver tangible environmental improvements today – Environmental Sustainability Now. The strategy proactively targets four key investment themes where sweeping transition is underway and growing demand for sustainable solutions is driving investment opportunity: the AgTech Transition, Energy Transition, Industrial Transition and Built World Transition.