CBE Group is Expanding in the Cedar Valley

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CBE Group to Re-Occupy Real Estate in Waterloo in Order to Prepare for Significant Growth that will Bring a Variety of Jobs to the Area

With this expansion, we will have the capacity to add up to 350 more employees over the next few years to the Cedar Valley alone.

CBE Group (CBE), a leader in the debt collection industry, announced today that it will re-occupy its building located at 4140 Kimball Avenue in Waterloo. This will serve as an expansion in the Cedar Valley, as it will also retain its corporate headquarters in Cedar Falls. Having both locations allows the company the ability to bring more jobs to the Cedar Valley, as well as additional capacity for future growth.

This is not CBE’s first expansion in the Cedar Valley. CBE was formed in 1933 and has maintained its corporate headquarters in the area ever since. Just ten years ago, CBE employed 150 individuals in the Cedar Valley. Today, that number is nearly 600. CBE’s President, CEO and sole owner since 1986, Tom Penaluna, said, “With this expansion, we will have the capacity to add up to 350 more employees over the next few years to the Cedar Valley alone.” The company has additional locations in West Des Moines and Overland Park, Kansas. Penaluna said, “We are so blessed with a rich talent pool to tap into. This talent pool allows us to both retain and add jobs as needed.”

To help the company prepare for future growth and realize the talent needs it will have, CBE plans to expand its internship program in the months ahead. It has placed 22 interns throughout the company in the last three years. CBE’s COO Chad Benson said, “CBE has always been committed to giving back to the community, and that includes developing future leaders. To that end, we are also focused on building relationships with local colleges and universities to place students in our internship positions. This equips them with a real-life, hands-on learning experience, as well as helps CBE build its future employee base as we continue to grow here.”

Penluna said, “We are loyal to the Cedar Valley and call it home. We strive to be an employer of choice that develops its people to not only be better employees, but better mothers, fathers, daughters, sons and citizens. We encourage employees to give back to the community and we provide many opportunities both inside and outside of work to make that happen.” Between its Jeans for Charity program, where employees pay one dollar a week to wear jeans, its annual United Way campaign and other sponsorships throughout the year, CBE and its employees have donated more than $500,000 back to the Cedar Valley over the last three years. In addition, the company frequently volunteers in the community together, whether it is for a team building session, leadership event or simply to pay it forward.

Penaluna said, “We are proud to be a Cedar Valley-based company for almost 80 years and this expansion helps prepare us to remain here and give back for many years to come.”

About CBE Group
CBE has been in the accounts receivable management business since 1933 and currently employs nearly 1,000 people in four locations nationwide. Its corporate headquarters is located in Cedar Falls, Iowa, with additional facilities in Waterloo, Iowa, West Des Moines, Iowa and Overland Park, Kansas. CBE was named one of the best places to work in the Waterloo/Cedar Falls metropolitan area the last seven years. CBE represents many of the nation’s most renowned and respected organizations. CBE serves a variety of industries including healthcare, utilities, satellite, telecommunications, financial services, education and government.

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Lindy Winterscheidt

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