Florida company acquires Iowa City-based TMone

Jacksonville, Fla.-based accounts receivable management company Enhanced Recovery Co. (ERC) acquired Iowa City-based TMone LLC, a business process outsourcing company.

The transaction closed on Aug. 30 and represents the second add-on acquisition for ERC. Further details of the transaction, including sale price, were not disclosed.

ERC oversees collection services to a broad base of clients and operates call centers in Orange Park, Fla., Waycross, Ga. and an international branch in India. ERC is majority-owned by RLJ Equity Partners, a private equity firm founded by Robert L. Johnson and the Carlyle Group.

Founded in 2003, TMone is a call-center specializing in assisting companies with outsourcing database and customer relationship management for financial services, health care and transportation. Headquartered in Iowa City, TMone has facilities in Des Moines, Dakota Dunes, S.D., and Spearfish, S.D.

The company announced in August that it would hire an additional 150 workers, with the bulk of those new jobs going to its Iowa City and Spearfish locations. It also estimates its revenue to increase from $13.3 million in 2012 to $20 million this year.

Co-founders Anthony Marlowe, TMone president, and John Burchert, TMone chief operating office, will remain in their current positions as well as become shareholders in ERC Holdings.

Marlowe said the company will operate as an independent business unit and will retain its company name.

He added that TMone has received offers before from private equity firms seeking to acquire the company, but it never seemed like the right fit.

"But there were opportunities for our people to grow in their roles ... and all things came together strategically," Marlowe said. "They took our most recent growth into consideration, and all things fell into place. We thought now was as good a time as any."

With the acquisition of TMone, ERC will have seven domestic call centers, one international call center and approximately 1,200 employees.