HOV Financial Services, LLC, to Purchase $1 billion/Year in Healthcare and Telecom Receivables

Santa Monica, CA – HandsOn Ventures, LLC (“HOV”), a Santa Monica-based private equity fund, today announced that its financial services subsidiary, HOV Financial Services, LLC (“HOVFS”) has launched a program to acquire at least $1 billion annually in healthcare and telecom receivables. The program, funded by HOV and a New York-based investment bank, will focus on multiple-year arrangements whereby healthcare and telecom service providers will obtain regular, predictable cash flows for current, “pre-collect” and delinquent customer accounts.

Said Surinder Rametra, Chairman of HOVFS, “Our commitment is to provide reliable, quarter-in, quarter-out liquidity to our service-provider partners. The immediate benefit to them will be reliable levels of cash for their aging accounts. Our program can also function as an attractive “challenger” for internal and external collection efforts.

HOVFS will turn for account servicing and support to fellow HOV-portfolio company Bay Area Credit Service (“BACS”), a long-standing provider of collection services to the healthcare and telecom industries. HOVFS President John Mason commented, “Our number one objective is to protect and enhance the relationship between our service provider partners and their patient/customer bases. BACS excels in this area of patient/customer care, and we will support that record of excellence with a similar commitment at HOVFS.”