Renovo Capital, a Dallas-based private equity fund, has made a significant investment in DIMONT, a provider of specialty insurance and loan administration solutions to the residential and commercial financial services industries.
The investment will enable DIMONT to continue to grow and innovate, while benefiting from Renovo’s sector expertise, the companies say in a release.
Renovo Capital also owns RealtyTrac and Homefacts.
“DIMONT is a strong, longstanding business in a dynamic and growing sector and we are excited to partner with Denis Brosnan and the management team to support the company’s continued efforts toward product innovation and service expansions,” says David Hull, managing partner at Renovo Capital.
As part of the deal, Brosnan has agreed to a new five-year contract to continue his role as president and CEO of DIMONT.
“I am excited by the opportunity and humbled by the confidence entrusted in me and my team by our investors to lead the company into this new era,” Brosnan says in the release.
DIMONT also announced a number of internal promotions, including Fran Weichsel as senior vice president of operations and client services; Tom Stover as senior vice president of solutions development; Teresa Epperson as senior vice president of administrative services and Lyné Donovan as vice president of finance.