Daily News: January 23, 2014

FLOCK Provides $20MM Recapitalization of Velocity Portfolio

FLOCK Specialty Finance announced the recapitalization of Velocity Portfolio Group, a debt buyer based in Wall, NJ.

FLOCK facilitated and provided funding for the $20 million recap of Velocity’s existing inventory of portfolios. As part of the agreement, FLOCK will become a financial partner and strategic advisor for Velocity’s future purchases of charged-off debt portfolios.

Jim Mastriani, president of Velocity stated that, “The FLOCK team provided Velocity with a very competitive financial solution for our company, and they were very easy to work with. In today’s business climate, it is essential to partner with a specialty finance group that knows how to help grow your business. FLOCK not only has the capital, but their understanding of our business makes for a good strategic partner.”

FLOCK Specialty Finance’s chairman and CEO, Michael Flock, commented, “Velocity’s experience and expertise in legal collections are first rate. We look forward to focusing our resources on their strategic growth plans and helping them build new client relationships. “

Velocity Recoveries uses a legal-focused strategy to convert distressed receivables to cash.