WAYNE, PA — Inverness Graham (“IGI”) has announced the successful sale of Concord Servicing, a Scottsdale, AZ-based financial technology solutions provider specializing in servicing loans for residential solar and energy-efficient products. The transaction marks the first exit for both Inverness Graham Investments IV and the Inverness Graham Green Light Fund since their acquisition of Concord in February 2022.
Under Inverness Graham’s ownership, Concord underwent a significant transformation, modernizing its proprietary software, expanding its market reach through innovation, and driving operational efficiency. These efforts boosted Concord’s EBITDA by over 2.5 times during the three-year partnership.
“Concord has established itself as a clear market leader in specialty loan servicing,” said Michael Morrissey, Managing Principal at Inverness Graham. “The sale of Concord represents our second successful Strategic Platform Build with Concord CEO Jason Alexander, who previously led our online training provider, Kalkomey.”
Paul Nolen, Managing Principal at Inverness Graham Green Light Fund, credited their partnership with Concord’s founder and CEO in driving the company’s transformation. “By leveraging Jason’s operational expertise in software-enabled services and aligning with the Green Light Fund’s Environmental Sustainability Now thesis, we accelerated Concord’s leadership in residential solar and energy efficiency loan servicing, enabling better environmental outcomes.”
Jason Alexander, Concord’s former CEO, praised Inverness Graham’s role in advancing the company’s growth. “Together, we greatly strengthened Concord’s business. We built out a world-class leadership team and made major enhancements to our software infrastructure to improve loan performance for our clients. Both revenue and EBITDA more than doubled during my tenure and Inverness Graham’s ownership. The company is well-positioned for continued growth, and we are looking forward to the next phase of Concord’s journey,” said Alexander.
The terms of the transaction remain undisclosed. Faegre Drinker Biddle & Reath LLP acted as legal counsel to Inverness Graham, while Aeris Partners LLC served as the exclusive financial advisor to Concord.
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