CreditMax Receives Growth Equity to Expand NDSE Consumer Debt Exchange

WEST PALM BEACH, Fla., Aug. 17 /PRNewswire/ -- CreditMax, a leading electronic exchange for the sale and purchase of distressed consumer debt, today announced it has received a growth equity investment from PPF Finance LLC, a subsidiary of PartnerRe Ltd. (NYSE: PRE) ("PartnerRe") and Metropolitan Equity Partners. The investment is designed to enable the rapid expansion of CreditMax's NDSE Trading Platform and the launch of CreditMax's debt lending program for qualified debt buyers.

CreditMax's NDSE exchange enables sellers to list debt for sale on a national, regional, state, local, or even account-specific basis.  The platform enables buyers to identify and analyze portfolios in an efficient manner and to acquire those assets that have the most value to them.

The capital investment is being used to expand operations to increase the supply of debt on the NDSE as well as to provide financing on terms commercially unavailable elsewhere to portfolio buyers.  "The investment from PartnerRe and Metropolitan Equity," said CEO Stephen Kass, "enables us to offer financial leverage to a range of debt buyers, from smaller buyers seeking $50,000 for spot trades to larger buyers seeking multi-million Dollar flow agreements."  

CreditMax is well positioned to serve as a central clearinghouse for buyers and sellers.  Sasha Grutman, Special Partner of Metropolitan Equity Partners, explained, "As investors, we have seen what pricing transparency, electronic efficiency, and a deeply experienced capital markets team have done for numerous other financial services verticals.  CreditMax will bring those same benefits to the Distressed Consumer Debt Industry."

PartnerRe and Metropolitan Equity Partners join a company board that includes Advisory Members Les Biller, former Vice Chairman of Wells Fargo, Herb Lurie, former Head of Merger & Acquisitions Financial Services Banking, Merrill Lynch, and Michael Hayward, former Vice Chairman of Fleet First Boston.

About CreditMax

CreditMax is a leading financial services exchange specializing in the purchase and sale of charged-off credit card and consumer receivables. Working with leading issuers and debt sellers, CreditMax's NDSE Exchange offers purchase and sale options custom-tailored to meet the needs of today's debt buyers and debt sellers.  CreditMax is now offering leverage financing to its approved buyer and reseller clients to enable them to buy portfolios with financing not typically offered in today's market.  As a technology-based exchange, CMAX supports trading of virtually all types of consumer debt.

www.cmaxndse.com

About PartnerRe

PartnerRe Ltd. (NYSE, Euronext: PRE) is a Bermuda-based reinsurance company and a leading provider of risk-assumption solutions for the global insurance and capital markets.  For more information please visit www.partnerre.com.

About Metropolitan Equity Partners

Metropolitan Equity Partners is private equity investment manager that focuses on lower-middle market and growth-stage companies. Metropolitan seeks to align itself with management teams in leading companies with revenue up to $50 million and takes a hands-on approach to building value in its portfolio companies.   For more information please visit www.metropolitanequity.com.

Safe Harbor Statement

The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, and these factors are enumerated in the company's periodic filings with the Securities and Exchange Commission.  

SOURCE CreditMax