Investment group Peer Advisors LLC has signed a definitive agreement to acquire 100% of the stock of Celink, the largest subservicer of reverse mortgage loans.
Terms of the transaction, which is subject to customary closing conditions, were not disclosed.
Peer Advisors, which is led by reverse mortgage industry veteran Jim Mahoney, as well as Jason McNamara and Al Benedetti, said following the close of the transaction, Mahoney will serve as chairman of Celink and McNamara will serve as CEO of the company, which will remain based in Lansing, Mich.
Celink founder and CEO John LaRose has agreed to remain as a consultant. Ryan LaRose will remain Celink’s president and COO, and Benedetti will serve as executive finance director.
The company said it “looks to expand its client base as more reverse mortgage originators and Ginnie Mae HMBS issuers look to outsource loan servicing given the cost benefits and domain expertise that Celink provides its clients in a highly regulated industry.”
Santa Monica, Calif.-based Clearlake Capital Group is providing Peer Advisors with financing for the transaction.