Three prominent mortgage field service companies will fall under the ownership of one new holding company.
The company, formed by Concentric Equity Partners (CEP) and TDR Capital (TDR), will own Mortgage Contracting Services, LLC(MCS), Asset Management Specialists, Inc.(AMS) and Vacant Property Specialists, LLC (VPS). CEP is a private investment firm based in Chicago, and TDR is a private equity firm headquartered in London.
The deal is expected to close October 1, 2013.
The holding company will be led by MCS CEO Caroline Reaves, but the three companies will still be managed separately, according to a release.
""The common ownership of these three companies, with their unique strengths and proficiencies, will strengthen our collective ability to serve our clients and expand opportunities to develop ancillary services across multiple customer channels,"" said Reaves. ""In addition, an expanded field level vendor network will result in leveraged compliance and regulatory response capabilities. These benefits will reaffirm our commitment to remain as leading field service companies in the mortgage industry.""
""Our immediate goal and focus is to continue providing exceptional performance and customer service to the existing customers of MCS, AMS and VPS,"" added Ernie Stefkovic, CEO of AMS.
MCS, based in Plano, Texas, provides property inspections, property preservation, and REO property maintenance for the financial services industry. AMS provides field services, rental management, general contracting, marketing, software solutions, and mobile applications to the financial services industry. VPS specializes in securing vacant properties across a wide range of residential and commercial sectors.