AG Adjustments
AG Adjustments (now Cadex) is a U.S. commercial debt collection agency founded in 1972 that recovers delinquent B2B receivables on a contingency-fee basis for manufacturers, wholesalers, distributors, and enterprises across food & beverage, technology, healthcare, distribution, and cannabis/hemp verticals.
- Company typePrivate
- Founded1972
- HeadquartersMelville, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What AG Adjustments does
AG Adjustments (now operating as Cadex following a 2024–2025 rebrand) is a U.S.-based commercial debt collection agency founded in 1972 in Melville, New York, specializing exclusively in B2B receivables. The company recovers delinquent accounts for manufacturers, wholesalers, distributors, service providers, and enterprises across food & beverage, technology, healthcare, distribution, and a dedicated cannabis/hemp vertical, operating on a contingency-fee basis with a "No recovery, No fee" guarantee on certain services. Its core technology stack centers on the proprietary AGA Dashboard, a real-time online reporting portal with custom report building and multi-format exports (PDF, Excel, Word, CSV), and the Collection Agency Data Exchange (CADE) API co-developed with HighRadius that automates electronic placement of accounts from the HighRadius Collection Cloud.
The business model is a transaction-fee model tied to recovery outcomes, supplemented by first-party accounts receivable management outsourcing, an Early Collect Outsource Program for sub-90-day accounts, LetterCollect, international collections via partner agencies across South America, Europe, Asia, and the Far East, and educational credit and debt collection seminars. GTM is sales-led and event-driven, combining enterprise field sales and inside sales teams based out of a Charlotte, NC sales office with call-center operations in Phoenix, AZ, and supported by heavy participation in industry conferences (CRF Forums, NACM Credit Congress, CreditScape, BCCA, HighRadius events) and association partnerships with IACC, CLLA, NACM, the Credit Research Foundation, and the National Cannabis Industry Association. Following founder Al Gerstel's death in 1990, sons Robert (CEO) and Marc Gerstel led the firm until its March 2019 acquisition by private equity firm Trivest Partners, under whose ownership the company has pursued vertical expansion (cannabis), technology integration (CADE), and a broader rebrand to Cadex with expanded service capabilities.
AG Adjustments firmographics
Firmographics- Name
- AG Adjustments
- Legal name
- A. G. Adjustments, Ltd.
- Website
- https://agaltd.com
- Company type
- Private
- Founded year
- 1972
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- AG Adjustments (now Cadex) is a U.S. commercial debt collection agency founded in 1972 that recovers delinquent B2B receivables on a contingency-fee basis for manufacturers, wholesalers, distributors, and enterprises across food & beverage, technology, healthcare, distribution, and cannabis/hemp verticals.
- Ownership category
- akta.pro rank
AG Adjustments industry classification
Industry- Product category
- Commercial Debt Collection Services
- NAICS
- Collection Agencies (561440), Activities Related to Credit Intermediation (5223)
- SIC
- Services-Consumer Credit Reporting, Collection Agencies (7320)
- akta.pro primary industry
- Collections & Recoveries Operations (Delinquency, Workout Support) (FSABALAN)
Keywords
Where AG Adjustments is headquartered
LocationHeadquarters
- HQ city
- Melville
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
AG Adjustments business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Contingency-Based Collection Fees: AGA operates primarily on a contingency fee basis where they charge a percentage of the debt successfully recovered. This aligns incentives with clients and reduces upfront risk. The company also offers 'No recovery, No Fee' guarantee on certain services.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
AG Adjustments product offering
Product offeringCore offering
AG Adjustments is a B2B commercial debt collection agency that recovers delinquent accounts receivable owed to businesses by other businesses. Core services include third-party commercial / B2B debt collection, small business B2B debt collection on a contingency basis, first-party AR management outsourcing, international collections through global partner agencies, and credit & debt collection educational seminars, all delivered through industry-specific collector teams and tracked via the proprietary AGA Dashboard.
Product overview
AG Adjustments (AGA) is a commercial debt collection agency offering a portfolio of B2B debt collection and accounts receivable management services. The core offering consists of Commercial/B2B Debt Collection and Small Business Debt Collection services, supplemented by First-Party AR Management Outsourcing, International Collections, and educational Credit & Debt Collection Seminars. Supporting modules include the Early Collect Outsource Program and LetterCollect letter writing services. All services are supported by the proprietary AGA Dashboard platform, which provides real-time reporting, collection activity tracking, and payment/remittance reporting. The company recently rebranded to Cadex (2024) with expanded services now available at cadexsolutions.com.
Differentiator
Problem solved
Functional benefit
Brands
- AGA Dashboard: Proprietary online reporting portal that provides real-time visibility into account status, collector notes, payment tracking, and customizable reports for clients.
Products and services
- Commercial / B2B Debt Collection
- Small Business / B2B Debt Collection
- AR Management Outsourcing
- Credit & Debt Collection Seminars
- LetterCollect (Debt Collection Letter Writing)
- Early Collect Outsource Program
- International Collections
Quantifiable outcome
- $0.70 of each delinquent dollar recovered at 3-months past due
- +3 more outcomes
Companies that use AG Adjustments
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles4 records
AG Adjustments technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature3 records
AG Adjustments partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core, flagship and minor.
- HighRadiuscorePreferred Partner for the HighRadius Collection Agency Data Exchange (CADE). AGA collaborated with HighRadius to develop the CADE API that streamlines the process of sending accounts and invoices to third-party collection agencies from the HighRadius Collection Cloud, enabling automated placement based on customized rules.
- Credit Management Association (CMA)coreStrategic alliance formed in 2013 with CMA, a non-profit association serving B2B companies since 1883 and one of the largest affiliates of NACM. Agreement delivers AGA's commercial collection services to CMA members while providing AGA clients access to CMA services including industry-based credit management working groups and anscers.com database.
- Credit Research FoundationflagshipPlatinum sponsor of CRF and active participant in forums, webinars, and educational programs. SVP Sam Fensterstock regularly leads sessions and panels on collections topics. CRF is the foremost non-profit education and research association dedicated to the credit and financial management community since 1949.
- IAB Solutions LLCcoreFull-service nationwide accounts receivable outsource service provider focused on resolution, recovery, and management of deductions, accounts receivable disputes, and invoice collection process. AGA exhibits together with IAB at industry events.
- Graphic Arts AssociationminorRegional trade association for the printing industry serving Pennsylvania, Central and Southern New Jersey and Delaware. Partnership provides AGA with access to printing industry members for collection services.
- Printing Industries Association of San DiegominorState organization helping PIA/SD members deal with government legislative and regulatory issues. Partnership extends AGA's reach in the graphic arts and printing industry.
- Printing Industries Association of Southern CaliforniaminorLargest graphic arts trade association in the country, serving Southern California and Clark County, Nevada with over 1,200 member companies. Partnership provides access to extensive member network.
Scale indicators4 records
Recent moves8 records
Expansion highlights6 records
AG Adjustments competitors and assessment
Company assessmentBroad incumbents
- PRA Group: Publicly traded (Nasdaq: PRAA) global financial services firm specializing in the purchase and collection of defaulted consumer and commercial receivables. Comparable as a broader incumbent in the receivables management industry with overlapping commercial collections capabilities, though PRA operates at much larger scale and includes debt purchasing.
Direct peers
- Caine & Weiner: US-based commercial debt collection and accounts receivable management firm with a multi-decade operating history serving financial institutions, retailers, and commercial clients. Directly comparable to AGA in B2B commercial collections focus, contingency-based pricing, and long-standing industry association presence.
- EOS Solutions: International debt collection firm with strong European and US presence offering commercial B2B collections and AR services. Directly comparable to AGA's international collections offering and global recovery capability, with overlapping target segments in mid-market and enterprise commercial accounts.
- Credit Collection Services (CCS): US-based commercial debt collection agency offering contingency-based B2B collections and AR management services. Comparable to AGA in customer segments (healthcare, commercial, financial services), service portfolio, and mid-sized private operating profile with multi-state licensing.
- Brown & Joseph: Mid-market commercial debt collection agency serving small businesses and Fortune 500 clients across healthcare, commercial, and government verticals. Comparable to AGA in mid-sized positioning, B2B-only focus, contingency fee model, and multi-state licensing footprint.
- State Collection Service: Wisconsin-headquartered third-party debt collection agency offering commercial and healthcare collections. Directly comparable to AGA as a mid-sized, privately held B2B collection agency with similar customer segments (healthcare, commercial, financial services) and full licensing across multiple states.
- National Credit Adjusters: B2B commercial debt collection agency focused on commercial accounts receivable recovery for businesses across the US. Comparable to AGA in target customer base (businesses collecting from other businesses), contingency fee model, and mid-sized operating profile.
- IAB Solutions: Full-service nationwide accounts receivable outsource service provider focused on resolution, recovery, and management of deductions, accounts receivable disputes, and invoice collection. Explicitly listed as AGA's strategic partner and joint exhibitor, making it the closest direct comparable in US B2B commercial collections and AR outsourcing.
- Collecto (formerly The Bureaus): Large US commercial collections firm offering B2B collections, first-party AR outsourcing, and customer care services. Comparable to AGA in target customer base of enterprise manufacturers, wholesalers, and financial services, with overlap in AR outsourcing and contingency collections product lines.
- IC System: Long-established US commercial debt collection agency offering B2B collections, accounts receivable management, and customer retention services across multiple verticals. Comparable to AGA in target customer base (small-to-mid businesses and enterprises), service mix, and contingency-fee business model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
AG Adjustments social profiles
Digital presenceAG Adjustments financial estimates
Financial estimateRevenue estimate
Valuation estimate
AG Adjustments leadership team
Management profileNumber of profiles
Profiles5 records
AG Adjustments funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AG Adjustments M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AG Adjustments
What does AG Adjustments do?
AG Adjustments is a B2B commercial debt collection agency that recovers delinquent accounts receivable owed to businesses by other businesses. Core services include third-party commercial / B2B debt collection, small business B2B debt collection on a contingency basis, first-party AR management outsourcing, international collections through global partner agencies, and credit & debt collection educational seminars, all delivered through industry-specific collector teams and tracked via the proprietary AGA Dashboard.
Is AG Adjustments a public or private company?
AG Adjustments is a private company. It is classified as private equity controlled and is currently operating.
When was AG Adjustments founded?
AG Adjustments was founded in 1972. It employs 51 to 100 people.
Where is AG Adjustments based?
AG Adjustments is headquartered in Melville, United States, in the North America region.
How does AG Adjustments make money?
One revenue line is on record: contingency-Based Collection Fees.
Who are AG Adjustments's main competitors?
PRA Group is listed as a broad incumbent. Direct peers are Caine & Weiner, EOS Solutions, Credit Collection Services (CCS), Brown & Joseph, State Collection Service, National Credit Adjusters, IAB Solutions, Collecto (formerly The Bureaus) and IC System.
Does AG Adjustments have an API?
No public API is recorded for AG Adjustments.
What industry is AG Adjustments in?
AG Adjustments's product category is Commercial Debt Collection Services. Its primary akta.pro industry code is FSABALAN, Collections & Recoveries Operations (Delinquency, Workout Support). Its NAICS code is 561440 and its SIC code is 7320.