El Dorado Hills, CA – August 23, 2021 – It looks like even the repossession forwarding industry is hurting from low repossession assignment volume these days. According to the Sacramento Business Journal, Primeritus Financial Services Inc. has warned California state employment officials that it is permanently closing its office in El Dorado Hills, with a loss of 78 positions.
Last week Primeritus informed the state Employment Development Department that the El Dorado Hills location would close October the 19th as part of a permanent closure. The affected company office is listed at 4950 Hillsdale Circle, El Dorado Hills, CA. This is Primeritus’ second wave of layoffs since last year when they laid off 148 employees in April of 2020 as the result of pandemic closures..
Nashville, Tennessee-based Primeritus entered the Sacramento area in 2012 when it bought M. Davis Co. Inc. in El Dorado Hills, an area just outside of Sacramento. M. Davis Co. worked in repossession management, skip tracing, transport and vehicle sales services through its USA Recovery and Skip Masters.
in 2014, Primeritus bought Repo Remarketing of Citrus Heights, and it moved that firm’s 26 employees to the office it had in El Dorado Hills. The Primeritus acquisition of Repo Remarketing included Find Track Locate, which was Repo Remarketing’s skip tracing unit. Find Track Locate is still a division of Primeritus, and is listed as being based in Tucson, Arizona, on the company website.
Primeritus is a portfolio company of New York-based private equity company Kinderhook Industries LLC, according to both companies’ websites.
Source: Sacramento Business Journal
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