3:43pm

Tue February 21, 2012
Business and the Economy

Up to 250 New Jobs in Covington

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. Steve Beshear said in a statement released by his office.

“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.”

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.

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.

“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,” Covington Mayor Chuck Scheper said in a press release. “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.”