BOSTON (December 15, 2003) - ABRY Partners has closed on the
simultaneous acquisitions of Billing Concepts, Inc. ("BCI"), Enhanced
Services Billing, Inc. ("ESBI"), and Avery Communications, Inc.
The new company will be one of the country's dominant
players in the telecommunications billing and collections industry,
offering a comprehensive billing solution for collecting communication
service charges through more than 1,300 local exchange carriers. The
new company expects that it will process over $1 billion in annual
The company will be led by a seasoned management team
with extensive telecommunications experience. Patrick J. Haynes, III,
currently the Chairman and Chief Executive Officer of Avery, will
continue to serve in both these positions at the new company. Mr.
Haynes said, "This combination makes us the undisputed market leader.
The combined resources and management talent will enable us to greatly
enhance our customer service. " Mr. Haynes described the new company's
top priorities to include realizing the benefits of a consolidation and
leveraging the company's scale and core competencies to create
additional growth opportunities. Mr. Haynes further stated, "We are
very fortunate to have a strong equity partner in ABRY that not only
shares our vision but has the resources and reputation of building
highly successful businesses.
ABRY partner, Jay Grossman,
commented, "We are delighted with the opportunity to acquire BCI and
ESBI, and simultaneously combine these entities with Avery's billing
and collection operations. The management team brings a wealth of
experience and a depth of knowledge that will be invaluable as we
operate and grow these properties."
ABRY Partners, based in
Boston, is one of the oldest and largest private equity funds in North
America investing exclusively in media and communications companies.
ABRY has over $2.0 billion of capital under management and since 1989
has completed over $7.0 billion of leveraged transactions in the media
and communications industries.