Concentric Equity Partners and TDR Capital have partnered to establish a new holding company that will consist of three mortgage field servicers: Mortgage Contracting Services, Asset Management Specialists, Inc. and Vacant Property Specialists.
The owners, Chicago-based private investment firm CEP and $3.6 billion London-based private equity firm TDR, along with the managers of the new holding company, expect to close the transaction by October 1.
Caroline Reaves, the current CEO of MCS, a Plano, Texas-based national provider of property inspections, property preservation and real estate owned property maintenance, will additionally assume the role of CEO of the holding company.
All three companies will continue to be managed independently and there are no immediate plans to change their business processes. According to Ernie Stefkovic, CEO of AMS, the immediate goal and focus of all three companies is to continue to do business as usual.
The joint ownership of MCS, AMS and VPS will help to deliver their unique strengths and proficiencies together that strengthens the firms’ collective ability to serve mortgage lenders and servicers “across multiple customer channels, she said, and in addition “will expand the field level vendor network” along with their compliance and regulatory response capabilities.
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