AG Adjustments

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.

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

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

• B2B debt collection
• Commercial collections
• Accounts receivable management
• AR outsourcing services
• Credit collection agency

Headquarters

HQ city

Melville

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. 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

Core 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

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Seven partnerships are on record, tiered core, flagship and minor.

• HighRadiuscoreTechnology or Integration · 5 February 2019Preferred 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 or Co-development Partner · 15 October 2013Strategic 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 FoundationflagshipStrategic or Co-development PartnerPlatinum 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 LLCcoreStrategic or Co-development PartnerFull-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 AssociationminorChannel Partner/ Reseller/ DistributorRegional 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 DiegominorChannel Partner/ Reseller/ DistributorState 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 CaliforniaminorChannel Partner/ Reseller/ DistributorLargest 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

Broad 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

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Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AG Adjustments