COVINGTON, Ky. -- Plaza Recovery, an accounts receivable management company, has acquired a firm in Covington and will expand the facility to add up to 250 jobs. The company plans to invest more than $2.5 million at its Northern Kentucky location, which will include the addition of 18,000 square feet to its existing 25,000-square-foot facility.
Plaza Recovery is the result of a merger between Plaza Associates, based in New York City, and ACB American, a collection agency based in Covington. Both companies started in 1962, but Plaza Associates concentrated on the financial sector and ACB focused on medical debt collections. The company will operate as Plaza Recovery for its financial sector clients, but will do business as ACB Recovery for its medical client base.
“We're very excited to partner with a longstanding company that shared our values and commitment to excellence,” said Jim Kelleher, president of Plaza Recovery. “We can't say enough about the efforts of the city of Covington, Mayor Chuck Scheper and the entire economic development team in Covington and in Frankfort. Our special thanks go to Gov. Steve Beshear and his commitment to business in Kentucky. We feel this is a win-win for our organization and the people of Northern Kentucky as our plans for growth and job creation continue to evolve.”
To encourage the job growth in Northern Kentucky, the Kentucky Economic Development Finance Authority preliminarily approved the company, which at the time went under the name AID Associates, for tax incentives up to $1.2 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
For more information on Plaza Recovery, visit www.plazarecovery.com.
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