Getting your Trinity Audio player ready...

NATCHEZ – A Connecticut-based private equity firm has invested in Loss Prevention Services, the Natchez-based asset recovery operation that employs more than 200 people.

The recapitalization was announced January 22, but no financial details were provided in public statements.

Loss Recovery Services was co-founded by Sterling Gay and Shannon Gay in 2009. The company provides intermediate services within the asset recovery value chain, including forwarding, skip tracing, license plate recognition and other ancillary services.

LPS leverages its proprietary technology to automate manual processes and provide exceptional outcomes for its lender customers and recovery agent partners. The company has a strong reputation in the industry for high quality results, excellent customer service and sophisticated compliance, which has helped it achieve impressive growth over the past several years.

Owners have leveraged their significant industry experience to grow the business into a leading player. Both Sterling and Shannon will remain engaged with the business in a board-level capacity. LPS will continue to be led on a day-to-day basis by David Cowlbeck, the Company’s President & CEO, as well as the existing management team.

Sterling, Shannon and David viewed this transaction as a way to bring in an experienced partner to facilitate the next stage of growth for the company and have each retained a significant equity stake in the recapitalized business, according to a company statement.

LPS will continue to operate out of its headquarters in Natchez and office in Grandville, Michigan.

“We are thrilled to begin our partnership with the LPS team,” said Paul Caliento, Partner of Clearview Capital. “We were impressed with Sterling, Shannon, David and the rest of the management team who have driven significant growth in the business through their talent, hard work and industry expertise. LPS’s technology platform and longstanding relationships with customers and agents create an attractive foundation, which will drive growth for years to come.”

“We are happy to find a partner like Clearview to help guide LPS into its next stage of growth,” said Sterling Gay. “The expertise and resources of the Clearview team will be invaluable in helping the Company execute on new opportunities. We are highly excited about the strategic direction and growth potential of the Company.”

“We are proud of the unique customer-centric culture that we have built at LPS,” stated David Cowlbeck. “Partnering with Clearview opens the door for new opportunities to expand our market presence and drive differentiated outcomes for our customers. We look forward to continuing to leverage our talented employee base, unique technological capabilities and deep relationships with customers and agents to enable the Company to reach new heights.”

LPS is the third platform investment in Fund V, an $850 million committed fund that commenced investing in 2023.

LPS received a 10-year tax abatement from Natchez officials in 2024 and in August 2023 the company purchased the Prentiss Club with plans for future expansion.