Concentric Equity Partners (CEP) and TDR Capital (TDR) have announced the formation of a new holding company to establish a suite of mortgage field services companies comprised of Mortgage Contracting Services LLC (MCS), Asset Management Specialists Inc. (AMS) and Vacant Property Specialists LLC (VPS). The holding company, which will be owned by CEP, TDR and management expects to close the transaction effective Oct. 1, 2013. The current CEO of MCS, Caroline Reaves, will additionally assume the role of CEO of the holding company.
MCS is a nationwide provider of property inspections, property preservation and real estate-owned (REO) property maintenance for the financial services industry. AMS is an industry leader in the REO market, maintaining deep relationships with government and government-sponsored entities. VPS is a trusted leader in securing vacant properties across a wide range of residential and commercial sectors.
"MCS, AMS and VPS are all prominent and successful value-providers to banks, mortgage servicers, government entities and other property owners," Reaves said. "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. 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."
Reaves adds that there will be no immediate changes to the three companies' business processes and they will each continue to be managed independently.
"Our immediate goal and focus is to continue providing exceptional performance and customer service to the existing customers of MCS, AMS and VPS," said Ernie Stefkovic, CEO of AMS, "And to continue protecting and preserving communities across the country."
CEP is a Chicago-based private investment firm, providing capital and experience to profitable growth businesses run by outstanding management teams. TDR is a London-based private equity firm with $3.6 billion of committed funds and has substantial investors from, and investments in, the U.S.