BharCap Partners Completes Strategic Sale of Altus Commercial Receivables

BharCap Partners, LLC, a prominent private equity firm with a strong focus on the financial services sector, has announced a significant change in its business strategy involving the sale of Altus Commercial Receivables. This transaction marks an important milestone for BharCap as it continues to reshape its portfolio and unlock additional value from its investments.

In a press release dated September 18, 2025, BharCap revealed that it sold Altus Commercial Receivables, which is the commercial services division of ARMStrong Receivable Management (widely known as ARMStrong), to Astira Capital Partners. This sale comes shortly after BharCap’s acquisition of ARMStrong in October 2023, which was followed by a strategic restructuring that separated ARMStrong into two distinct operational units: ARMStrong Insurance Services and Altus Commercial Receivables.

This strategic realignment was undertaken with the intention of maximizing the growth potential and shareholder value of both divisions. Following the sale, BharCap will retain ownership of ARMStrong Insurance Services, known for its innovative audit and recovery services that assist in mitigating cash flow loss within the property and casualty (PC) insurance sector.

Bharath Srikrishnan, Co-Founder and Managing Partner of BharCap Partners, expressed optimism about this strategic move. He stated, “Our successful collaboration with the ARMStrong team has resulted in numerous new customer introductions and accretive acquisitions. We believed from the beginning that separate strategic paths would maximize the long-term value of ARMStrong's two businesses. We are pleased to complete the sale of the commercial services business.” He emphasized BharCap’s focus on continuing the growth trajectory of ARMStrong Insurance Services as a pure-play leader in the insurance services market.

The sale is marked as the second distribution for BharCap Fund II, which saw its final closing on May 31, 2025, demonstrating BharCap's commitment to returning capital to its limited partners in a timely manner while focusing on enhancing its core business.

ARMStrong’s CEO, Mike Baldwin, acknowledged the leadership position Altus has achieved within the commercial accounts receivable space, expressing confidence that under Astira Capital Partners' stewardship, Altus will continue to thrive. He noted the company’s achievements over the past two years, which included strong organic growth and the successful completion of five acquisitions.

Baldwin remarked, “We are proud to have achieved this outcome for Altus. Our team has continued to drive strong organic growth, completed five acquisitions, integrated them, and then successfully separated Altus from our parent company to enable this transaction.” He also conveyed his excitement regarding the future of ARMStrong Insurance Services, highlighting the firm’s significant client base, which includes 23 of the 25 largest U.S. PC insurance companies.

“BharCap has helped us deliver exceptional value by creating two excellent standalone businesses, setting the stage for continued success in our next chapter. We look forward to continuing our partnership to deliver exceptional value to our insurance clients,” Baldwin added.

Although the specific terms of the sale remain undisclosed, the deal is expected to facilitate sustained growth and create further opportunities within both ARMStrong and Altus as they embark on their distinct strategic paths.

Guggenheim Securities, LLC acted as financial advisor to ARMStrong in this transaction, while Greenberg Traurig, LLP provided legal counsel. With approximately $2 billion of capital under management, BharCap Partners continues to invest in businesses across various sectors within the financial services industry.

For more detailed information about BharCap Partners and its portfolio, visit BharCap's official website.