An affiliate of Xcelerated Revenue LLC, a Columbus-based boutique collection agency serving closely held businesses, has purchased control of Hiru Co. The purchase included the Series A preferred shares and all debt and convertible notes.
Brian Mulhern, a 23-year veteran in the accounts receivable industry with extensive experience across many verticals, will serve as CEO. The new management has reinstated the company, and is now updating company governing documents and working to remove OTC Markets Group’s caveat emptor designation.
Going forward, the company’s activities will primarily involve the purchase and liquidation of charged off and delinquent debt. Hiru will engage XcelRev to manage purchased assets, which will likely include hiring qualified agencies and law firms strategically positioned to achieve the best liquidation rates for the respective portfolios it acquires.
XcelRev was formed by members who have experience in the debtor/creditor industry, spanning numerous verticals and disciplines, including third party collection, debt purchasing and litigation.