SinglePoint Group International Inc., a provider of specialized call center services for North American businesses, announced it has reached an agreement to buy a student loan collections service owned by Wilmington-based Navient.
Financial terms of the agreement to sell General Revenue Corporation (GRC) were not disclosed.
GRC, based in Mason, Ohio, is a college and university-focused asset recovery agency. SinglePoint will continue to operate GRC from its Mason office.
As a part of the agreement, approximately 130 GRC employees will join the SinglePoint group of companies while continuing to do business under the GRC brand.
“Adding GRC to the SinglePoint group of companies broadens our servicing and geographic capabilities while strengthening our commitment to delivering compliance-driven, best-in-class customer engagement and receivables management services to our clients,” said SinglePoint’s CEO Jonathan Finley. “The tenured and highly successful employees of GRC provide us with an experienced team and a recognized leader in the education and government sectors.”
“SinglePoint is a world-class organization,” said Jack Frazier, senior vice president, Navient. “Together, we will ensure a quick and smooth transition for GRC’s customers and employees.”
The transaction is expected to close on June 30, subject to certain conditions.
Navient has been under pressure to improve its financial results. It recently reached an agreement with Canyon, its largest shareholder, to add two board members.
Canyon wants Navient to focus on the student loan servicing business The company has been expanding outside that area by acquiring an online student lender and the Duncan public parking services business.