Houlihan Lokey Advises DCM Services
Houlihan Lokey is pleased to announce the sale of DCM Services, LLC (DCMS), the industry leader in estate and specialty account recovery solutions and portfolio company of NMS Capital (NMS), to Aldaron Partners (Aldaron) and True Wind Capital (True Wind). Houlihan Lokey served as the exclusive financial advisor to DCMS. The transaction closed in March 2025.
Minneapolis-based DCMS is the industry leader in estate and specialty account resolution services, maximizing the value of client portfolios across the financial services, healthcare, auto, retail, telecom, and utilities industries through innovation and performance. Its recovery suite offers a full range of services from proprietary web-based solutions to full outsourcing, maintaining an unmatched spectrum of innovative products that increase recoveries, protect brand value, and enhance survivor relationships—all with respect and sensitivity.
NMS is a New York-based private investment firm specializing in strategic equity investments in leading middle-market companies with an emphasis on sustainable growth trends in both the business services and healthcare services industries.
Aldaron is a San Francisco-based private equity firm dedicated to partnering with business services companies to drive strategic transformation, leveraging technology to improve operations and increase customer value. Aldaron brings a collaborative approach and works closely with management teams to unlock growth opportunities and build industry-leading businesses.
True Wind is a San Francisco-based private equity firm focused on partnering with management teams to build leading technology businesses in growing vertical markets in three primary sectors: industrial technology, business services and compliance, and financial services. True Wind seeks to maximize value creation and invests across the full range of transaction structures. Since its founding in 2015, True Wind has completed 14 platform investments and dozens of add-on acquisitions.
For more than 25 years, DCMS has established itself as an industry leader by providing comprehensive account resolution solutions to businesses in financial services, healthcare, automotive, retail, telecommunications, and utilities. Leveraging its proprietary Probate Finder® technology and industry expertise, DCMS specializes in estate recovery, along with bankruptcy and specialty receivable services. Known for its client-first approach and commitment to compliance, the company is recognized for delivering exceptional client satisfaction and setting industry standards. DCMS’s executive team invested alongside True Wind and Aldaron in the transaction and remains singularly focused on the success of its clients.
Mike Rosenthal, CEO, DCMS, stated, “DCMS has always focused on maintaining the highest standards of compliance and fostering genuine partnerships with our clients. This partnership with True Wind and Aldaron marks an exciting new chapter in our growth. We look forward to leveraging their deep expertise and resources to continue building upon the strong foundation we've established.”
Sean Giese, Partner at True Wind, commented, “DCMS’s industry-leading technology, commitment to compliance, and customer-centric approach sets it apart in the marketplace. We are excited to partner with its exceptional team and help the company scale and enhance its offering in an evolving sector.”
Will Oberndorf and Amrit Saxena, Managing Partners of Aldaron, added, “DCMS has built an exceptional business that combines compliance expertise with compassionate recovery solutions. We see a tremendous opportunity to support DCMS’s next phase of growth, improving upon its already very strong industry-leading platform. We look forward to collaborating with the management team to drive sustained growth and long-term success.”
Houlihan Lokey served as the exclusive sellside financial advisor to DCMS and NMS and assisted in marketing, structuring, and negotiating the transaction on their behalf. This transaction underscores Houlihan Lokey’s success and preeminent position in the BPO sector.
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