Collection Agencies Greystone Alliance and Turning Point Capital Announce Merger

Two debt collection entrepreneurs are merging their companies. In addition to bringing together their staffs and customer bases, they are also uniting their sons.

Anthony Frisicaro, president and CEO of Greystone Alliance LLC has announced his debt recovery agency will merge with Turning Point Capital–also a collection agency–founded by Jack and Bob Manley.

What Frisicaro has accomplished in the debt recovery business, Manley has achieved in the real estate appraisal industry.

Frisicaro, a veteran of the debt recovery industry, founded Amherst-based Account Solutions Group (ASG) in 1995 as a five-person operation. In 2004, with a staff of more than 600, he sold ASG to ICICI-OneSource, an India-based company. Today, that business (First Source Advantage) remains one the area’s largest employers.

In 2009, Frisicaro came out of “retirement” and established Greystone Alliance currently employing 50.

Under the new arrangement, the Frisicaro family will continue to have a controlling interest in the company.

Manley’s professional experience is rooted in the financial and mortgage banking industries, most notably establishing a national company providing real estate appraisal and valuation services. He later evolved his experience into collections with Turning Point Capital.

In 1989, Manley established Buffalo-based US Appraisal, Inc. In 11 years, the company grew to an employment base of 150 across New York State with 33,000 independent contractors nationwide. In 2001, Manley sold the business to TransUnion.  In 2010, he founded Turning Point Capital located in Amherst’s Northpointe Commerce Park. The agency has a staff of 15. At Greystone, Manley will be involved in the company’s senior management committee and will serve as a member of its newly-formed Board of Directors.

Now, the two companies—as well as their families–are coming together under the corporate name, Greystone Alliance LLC.

Frisicaro’s sons–Daniel and Eric–will join Manley’s son—Bob–in second generation leadership roles. The Frisicaro sons will continue in their roles at Greystone:  Dan as vice president, chief compliance officer and Eric as vice president of human resources. Both sons were involved with ASG’s staggering growth and acquisition process. They were instrumental in getting Greystone off the ground.

Bob Manley is a graduate of Stetson University and a 2008 MBA graduate of the University of Notre Dame.  He has been named vice president of business administration at Greystone.  His industry experience includes banking, business consulting and has most recently served with Turning Point as executive vice president since the agency’s inception.

“Although Buffalo was once considered a hot bed for collection agencies, those days are over,” Frisicaro explained. “Although the economy is creeping back, there’s still considerable debt to be collected—but that’s not the issue. Years ago people thought it was easy to get into the business, however those who lack experience quickly fall through the cracks. Debt collection agencies in Buffalo—and across the US–are finding it more and more difficult to stay afloat.”

“One of the many reasons we chose to align ourselves with the Manleys and Turning Point is because we’re like-minded in our operations particularly in the areas of compliance, corporate culture and growth strategies,” Frisicaro said.

“Due to economic conditions, federal legislation, industry regulations and heightened client requirements, it’s more important and more challenging than ever to chart your future in a partnership of common operational values and goals,” Frisicaro commented.

Manley remarked that the newly-formed company will be strategic, yet aggressive moving forward. “We’ll grow organically, through acquisitions as well as open new market segments,” he said. “In addition to the traditional debt recovery track, we’re planning to expand into real estate, student loan and medical,” he explained. “Based on our combined experience and networking, we see tremendous growth potential in call centers—an area in which we are well-versed. An enormous upside to this segment is that it eliminates the cyclical nature and seasonality of other dimensions of our business,” he said.

Given the combined resolve of Frisicaro and Manley, they also agree on the agency’s employment growth. “Our space at 33 Dodge can accommodate more than 200,” Frisicaro said. “That looks like a solid number by the end of 2014,” Manley added.