International Consolidated Companies, Inc. (INCC) has rescinded its previously announced acquisition of the operations of Millennium Teleservices, LLC.
The company attributed its decision to “unforeseen liabilities tied to Millennium's operations.”
"While acquiring Millennium's operations appeared to make sense in that it added immediate top line revenue, additional liabilities that came to light only after we became involved with Millennium's operations would have made it difficult, if not impossible, to operate the new facilities at a profit," INCC’s VP of acquisitions and integration Daniel Swinehart said in a statement.
Milliennium Teleservices is an outbound telemarketer which specializes in serving the financial services industry. Had the deal gone through, it would have been the second acquisition for INCC, following its February 2009 purchase of teleservices firm 121 Direct Response.
Millennium is a subsidiary of privately-held CDG Management, LLC, which specializes in non-profit and public safety fundraising teleservices.
