Consolidated Asset Recovery Systems has been bought by Austin, Texas-based private equity firm Greenridge Investment Partners.

The company said in the news release announcing the deal that its senior management team, including co-founders Steve Norwood and Terry Groves, will stay on board and retain a 20-percent stake in the new company.

The investment by Greenridge replaces prior investments by Wilmington Investor Network and Springboard Capital.

“We are achieving results in the repossession and recovery market that are unmatched by our competitors,” Norwood, who is chief executive officer of Consolidated Asset Recovery Systems, said in the news release. “This success has led to significant growth — especially over the past three years. 

“This helped us identify the need to align with a strategic investor that can help us continue to grow our business. We are excited to partner with Greenridge, a firm with significant experience growing technology-based service businesses. From our initial discussions with them, it was clear that they truly understood how our company is different and the unique role we play in the marketplace,” he said.

Norwood added:  “WIN and Springboard were fantastic angel investment partners and they played a crucial role in getting us to the point we are at today. I am pleased that both companies will be exiting with a very nice return on their investments.”

Consolidated Asset Recovery Systems has been the presenting sponsor of the Re3 Executive of the Year Award — an award given out by Auto Remarketing and SubPrime Auto Finance News each year at Used Car Week — since the award's inception in 2013. Its winners have inlcuded:

— Scott Phillips of Lendmark Financial Services
— Karen Nelson of Crescent Bank
— Jeff Haynes of BBVA Compass

Greenridge partner and co-founder Jack Caldwell said:  “It’s clear that Consolidated Asset Recovery Systems has a well-earned reputation as the leader in the repossession and remarketing industry, serving as a strategic partner to some of North America’s largest auto lenders.  As a result, the company is well-positioned to capitalize on growth opportunities, as lenders increasingly seek best-in-class compliance solutions that deliver optimal ROI.”

Ben Moss, also a partner and co-founder with Greenridge, added:  “This is a deep, experienced and cohesive team that has already enjoyed great success together, and we’re excited to partner with Steve and his team be part of the next chapter in the company’s history.”