Hilco Re-Launches Accounts Receivable Unit
Hilco Trading announced the formation of Hilco Receivables. Jay Stone returns as CEO to restart the receivables business he co-founded at Hilco.
Prior to selling the company in 2007, the original Hilco Receivables had acquired nearly $4 billion face value of debt, made capital investments exceeding $225 million and monetized more than $229 million of debt through contingency fee collection work.
The new Hilco Receivables, based in Northbrook, IL, company will provide contingency fee collection services and portfolio acquisitions throughout North America and Europe on non-performing and under-performing commercial debt. It will also purchase charged-off consumer debt such as credit card receivables, student loans, healthcare receivables and installment loans.
“We are returning to the receivables business at this time because we uniquely understand the marketplace and the needs of our financial and corporate customers. This is another service for us to help customers maximize the value of any non-performing asset they may have in their portfolio as a natural extension of our overall Hilco offering,” said Jeff Hecktman, chairman and CEO of Hilco Trading. “Our original receivables business quickly established itself as an industry leader until we sold the company in 2007, and we believe it is an important practice in our overall suite of valuation and monetization services,” Hecktman said.
Hecktman hired Jay Stone to serve as the new CEO of the Hilco Receivables business recognizing the enormous up-side of re-launching the practice with the right management team and business strategy. Stone had spent nearly six years building his own successful accounts receivables organization called Steamboat Partners LLC since 2007.
“Jay saw the same opportunity as I did, especially to deploy large amounts of capital for portfolio acquisitions. With his experience and leadership I have no doubt he’ll repeat his past success,” Hecktman added.
Joining Stone are Buddy Beaman, EVP/COO, who served as a VP for Bear Stearns (eCast) and First USA/Bank One; and Bill Schmeiderer, SVP Operations, who was director of the Commercial A/R Division of Apex Financial Management.