Concentric Equity Partners (CEP), a Chicago-based private investment firm, and TDR Capital, a London-based private equity firm, have formed a new holding company to establish a suite of mortgage field services companies, including Mortgage Contracting Services, Asset Management Specialists Inc. and Vacant Property Specialists.
Caroline Reaves, CEO of Mortgage Contracting Services, has been tapped to serve as CEO of the holding company, which will be owned by CEP, TDR and management.
Mortgage Contracting Services is a nationwide provider of property inspections, property preservation and real estate owned (REO) property maintenance for the financial services industry.
Asset Management Specialists serves the REO market, maintaining deep relationships with government and government-sponsored entities.
Vacant Property Specialists works to secure vacant properties across a wide range of residential and commercial sectors.
"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,’ Reaves says in a release. ‘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."
There will be no immediate changes to the three companies' business processes, and they will each continue to be managed independently.