Glencoe Capital’s Michigan Opportunities Fund has acquired the inbound telephone customer service business and certain other assets of Novo 1. “Our investment in Novo 1 continues the Michigan Opportunities Fund’s strategy to invest in growing companies that can generate attractive returns to our investors, while promoting business growth and fostering job creation that together help improve the economic vitality of the State of Michigan,” said David S. Evans, Chairman and Chief Investment Officer of Glencoe Capital. Under Glencoe’s ownership, Novo 1 plans to open a customer care and contact center in western Michigan by early 2010 that will employ 300 personnel.
Formed in 2000 and based in Waukesha, Wis., Novo 1 is a leading provider of inbound and outbound customer interaction solutions to clients across industries, with revenues of $43 million last year. Novo 1 has five contact centers throughout the US, including in Texas, Montana, and Wisconsin, with its new headquarters located in Fort Worth, TX. The company has 400 corporate clients and employs 1,100 customer-care specialists and specializes in the healthcare, service dispatch, and transportation and logistics vertical markets.