Monterey Financial Services announced earlier this week that it had purchased Continental Central Credit. Continental Central Credit is based in Carlsbad, Calif. Terms of the deal were not disclosed.
Monterey offers debt buying, servicing, and delinquent debt recovery solutions. It was founded in 1989, according to the company’s website.
“Continental Central Credit’s history and experience, along with their focus on client relationships and customer service, are a lot of what drove our interest,” said Shaun Lucas, President & CEO of Monterey Financial Services, in a release announcing the acquisition. “Additionally, it was clear to us very early on, that Continental values their employees, and has created an environment where people enjoy their work, feel valued, and are loyal to the company long term. That’s the culture we’ve always cultivated at Monterey and has been a major attribute for our success. We are thrilled to be bringing on every employee currently working at Continental to add to Monterey’s Operations, Support, and Sales departments, and to help ensure we continue to deliver the same experience that all Continental clients have come to rely on. With this acquisition, our culture, our people, and our technological capabilities will improve on and accelerate recovery and compliance components for Continental Central Credit’s client base.”
The acquisition closed on September 1. Bringing on Continental’s clients expands Monterey’s operations and opens those clients up to “advanced technological practices” that they might not have had with Continental.
“We built a reputation early on in our history as the agency that could recover some of the most challenging portfolios in the industry,” said Chris Ratigan, Monterey’s Sales & Marketing Manager. “Since then, we’ve continued to hone our techniques, while focusing on improvement, technology advancement, and compliance. Our ability to produce such strong results in the agency makes us far more competitive when it comes to receivable purchasing, or being a servicing arm that our clients can rely on.”
