Governor Steve Beshear today announced 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.
“We welcome Plaza Recovery and the 250 new jobs coming to Northern Kentucky,” Gov. Beshear said. “We’re proud to become the new home for this growing company as it means a victory for the people of the Commonwealth not only today, but also for years to come.”
Lieutenant Governor Jerry Abramson joined company officials and community leaders in Northern Kentucky for today’s announcement ceremony.
“I’m excited to be a part of this special day for the Commonwealth,” Lt. Gov. Abramson said. “Because of Plaza Recovery’s growth and success, hundreds of jobs are on the way to Northern Kentucky, and that means hundreds of families will have incomes to pay the bills and put food on the table.”
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.”
“The willingness and efficiency demonstrated by the state and city to work and partner with our companies was impressive,” said Tony Faeth, former owner of ACB American and vice president of Plaza Recovery & ACB Recovery. “They took the time to listen and gain an understanding of our challenges as a business and as employers. It didn’t take long to confirm our decision to stay and grow in Kentucky. Really, in the end, it reaffirmed decades of hard work we’ve put in here in Covington and the jobs we’ve been able to create along the way.”
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.
“This investment speaks to the commitment of this company to Covington and the work ethic of our people,” Sen. Jack Westwood, of Erlanger said. “I am pleased to hear the company could surpass the original estimate of 150 new jobs.”
“As our economy continues to improve, it is my hope that we will see renewed job growth in Northern Kentucky and the Commonwealth,” said Rep. Tom Kerr, of Taylor Mill. “I’m pleased that Plaza Recovery is making this investment and creating jobs in our region.”
“I want to thank Plaza Recovery for investing in our community and providing this much-needed economic boost to our region,” said Rep. Arnold Simpson, of Covington. “This decision will make a true difference in the lives of dozens of families, which is always great news. I’m proud the state could play a role in making this possible.”
“Plaza Recovery is the collective result of many hard-working individuals, especially Tony Faeth, who drew the attention of a larger company through a commitment to business success and to the city of Covington over the past several decades,” said Covington Mayor Chuck Scheper. “We are thrilled that the company recognized the multiple benefits of Covington and selected it as the expansion site. This project exemplifies the virtues of Covington’s strategy of courage plus vision equals growth.”
“Plaza Recovery’s commitment to a dedicated work force will be met in Northern Kentucky” said Steve Arlinghaus, Kenton County Judge-Executive and Chairman of the Northern Kentucky Tri-County Economic Development Corporation. “We applaud Plaza Recovery’s confidence in Northern Kentucky for this mutually beneficial opportunity.”
For more information on Plaza Recovery, visit www.plazarecovery.com.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter at www.Twitter.com/ThinkKentucky.
A detailed community profile for Northern Kentucky can be viewed at http://www.thinkkentucky.com/EDIS/cmnty/index.aspx?cw=049