Firm executes Leaders Strategy™ partnership with Dhruv Vakharia, who joins leading specialized loan servicing provider as CEO
CHICAGO, Jan. 8, 2025 -- GTCR, a leading private equity firm, announced today that it has acquired Concord Servicing ("Concord" or "the Company"), a leading provider of software and administration services for specialized loan servicing. As part of the Leaders Strategy™ investment approach, GTCR is partnering with experienced lender and credit services executive Dhruv Vakharia, who has joined the Company as CEO to lead Concord through its next phase of growth. Mr. Vakharia succeeds Jason Alexander, who will remain with Concord as a member of the Board of Directors.
Headquartered in Scottsdale, Arizona, Concord provides a suite of software and administration solutions to originators and investors in specialty credit, including loan administration, payment processing, default management, as well as data, analytics and reporting solutions. Concord's software and services currently support the administration of $16 billion of consumer loans across asset classes and product types.
Mr. Vakharia has more than two decades of experience in financial services, including deep expertise in credit and capital markets services, most recently serving as COO and CFO of a global loan, lease and card servicing company. Previously, he served as CFO of ARS National, an accounts receivable management company. Earlier in his career, Mr. Vakharia spent more than a decade at Bank of America Merrill Lynch in various leadership positions.
"Concord is a clear leader in its unique segment of the financial services industry, and we believe that through strategic M&A and investments in key functions and products, we can further broaden Concord's offering to serve the expanding administration needs of the loan originator and investor communities," said Michael Hollander, Managing Director at GTCR. "We look forward to working with Dhruv and the rest of the leadership team to enhance Concord's product and service offering and further accelerate growth."
"Concord is a key player in a high growth sector of the loan servicing market, and I am excited to leverage my experience, along with GTCR and the Concord team's expertise, to advance the Company's mission and provide the best possible services and solutions for our clients," said Mr. Vakharia. "I want to thank Jason for his leadership over the last several years, and look forward to working with the talented team at Concord to build on their achievements and continue to strategically grow the Company."
"GTCR has a long investment history and deep experience in lending and capital markets technology and services, and we look forward to supporting Dhruv and the Concord leadership team as they expand the Company's best-in-class technology, products and services to serve a broader section of the specialty lending market," said Kirk Smith, Principal at GTCR.
Kirkland & Ellis LLP served as legal counsel and Baird served as financial advisor to GTCR. Aeris Partners LLC served as exclusive financial advisor to Concord.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that invests behind The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $30 billion in over 280 companies, and the firm currently manages $40 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.
About Concord Servicing
For more than three decades, Concord has delivered award-winning financial technology and loan servicing support with unparalleled performance. With 3 million active accounts and more than $16 billion in assets under Concord's management, the company serves clients in the United States and Mexico with scale and innovation. As a leading full-scope loan servicer in the home improvement, residential solar, energy services, and vacation ownership industries, Concord delivers compliant and flexible portfolio servicing solutions that meet the demands of loan originators and capital providers – and their customers. For more information, visit http://www.concordservicing.com.
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