Jerry Hudspeth takes a walk
Leasing News source was correct: the acquirer of PFSC, a 150 employee “back office” operation in Portland, Oregon was Walled Lake, Michigan Varilease “owner” Bob VanHellemont, plus “four to five significant investors with a lot of board of director experience." Varilease was also one of the UniCapital companies. PFSC does the servicing for the Varilease small ticket operation. According to Varilease CEO Robert VanHellemont that's how it all started.
Robert VanHellemont "We were solid in the middle market leasing business, "he explains.”For a year and a half, we studied getting into the small ticket market, but did not want to do the servicing, as it was too costly. "PFSC was backed by Bank of America to handle the UniCapital portfolio, and they wanted to run it down, not invest any more. Jerry Hudspeth, as the portfolio ran down, brought in some new accounts, as he is excellent in marketing. He had an option from Bank of America to buy the assets, which we basically did and were running it for a few months. "After learning more, watching the operation, it was clear to me and the other investors we could grow this ten- to- twenty fold and become the premier provider in the United States. Jerry basically wanted to keep the same size as he was coming in at 7am every morning and had his pace at full speed. "We see a bigger marketplace, so temporarily I am the acting CEO, flying out to Portland once a week... also hoping that Jerry will stay on and help us market PFSC to become a much larger company." To learn more about Varilease, please go here: (Thank you readers for correcting a spelling error in the Back Office list. Further up-dates were also made to it: ------------------------------ Jerry Hudspeth resigns from PFSC?
Leasing News has been trying to confirm or deny the many e-mails regarding the resignation of Jerry T.Hudspeth, President and CEO of Portfolio Financial Servicing Company, Portland, Oregon. According to a very reliable source, the acquirer was Varilease and/or its owner Bob VanHellemont. Varilease was also one of the UniCapital companies. It was also reported that PFSC does the servicing for Varilease. There were also rumors about the need for infusion of capital. In addition to the e-mails, Leasing News received the following, allegedly from Mr. Hudspeth: “Dear--- "Please be advised that Portfolio Financial Servicing Company (PFSC) has experienced a change in majority ownership. This new ownership consists of an investment group of high net worth individuals. “Although offered a substantial piece of the PFSC equity, I philosophically disagree with the new ownership structure and direction and have submitted my resignation to the Board of Directors. “I apologize for any problems or issues this change creates and will be available to assist you in any way required." Thank you Best regards, Jerry President & CEO Hudspeth was the president when PFSC was acquired in May 1998 by UniCapital. It became one of the UniCapital companies. It was at that time owned by private equity investors. When UniCapital went into bankruptcy, Bank of America acquired PFSC it is reported because they needed the servicing capability for the 9 figure UniCapital portfolio for which they were the secured creditor. The company, like many of the UniCapital companies, went back into business under their own name. Their web site states: “Portfolio Financial Servicing Company (PFSC) was established in 1992 to manage and service a $160 million securitized equipment and vehicle portfolio beneficially owned by Parrish Equipment Partners. Parrish Equipment Partners ownership consisted of The Travelers Company, The Hillman Company and Parrish Investments. In 1998, PFSC was acquired by UniCapital Corporation and was the catalyst for the UniCapital IPO in May 1998. From 1998 through 2000, PFSC functioned as the operations and information technology group for UniCapital. In December 2000, PFSC became a separate legal entity by purchasing the assets of the UniCapital Operations Group. “Today PFSC is the largest independent portfolio management and servicing company with over $10 billion in assets under management and industry certification as a Master Servicer, Successor Servicer and Backup Servicer.” www/pfsc.com According to the Leasing News list of Back Offices, the company has 150 employees. It also told Leasing News they were serving $14 billion in assets at the time of the listing. Biography from the web site: “Jerry T. Hudspeth - President and Chief Executive Officer Over the last twenty four years Mr. Hudspeth has served as President and CEO for a number of public and private corporations. Mr. Hudspeth has served as President and Chief Executive Officer of Portfolio Financial Servicing Company (PFSC) since 1994 and is the creator of the portfolio management and servicing model currently in use at PFSC. “Mr. Hudspeth has worked closely with the rating agencies, monoline insurers, major lenders and trust groups to establish portfolio management and serving standards, and to evolve requirements and standards for information and data security for portfolio securitizations and lending conduits. “Mr. Hudspeth has published a number of articles on lease and loan servicing, securitization and portfolio management and has been a featured speaker and presenter at over 40 financial services meetings and conferences. “Mr. Hudspeth has degrees in Business, Marketing and Engineering and has been a guest speaker on management at institutions such as MIT, Caltech, Claremont Graduate School and Harvard Business School. “Mr. Hudspeth has served on the Board of Directors of a number of public and private corporations and not for profit organizations and universities.”
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