Ranieri Partners and WL Ross & Co. are selling its commercial real estate advisory services company, Situs, to Stone Point Capital.
Terms of the transaction were not disclosed in a Tuesday press release. The acquisition is expected to close by the end of the first quarter, subject to closing conditions and regulatory approvals.
By partnering with the Greenwich, Conn.-based private equity firm, Situs will have access to Stone Point's network of relationships and funding.
Situs provides technology products to banks, investors, owners and developers. The Houston-based company has evaluated over $1 trillion in commercial real estate, as well as resolved more than $50 billion in distressed assets. Situs has over $100 billion of assets under management.
Steve Powel, president of Situs, will transition to the role of chief executive officer when the deal is completed.
"With its diverse capabilities, strong track record and blue-chip client base, Situs is well positioned for growth as the market increasingly utilizes outsourced commercial real estate services," said Chuck Davis, chief executive of Stone Point Capital.