Concentric Equity Partners to Acquire Property Preservation, Valuation Divisions of CoreLogic
Sources close to the negotiations have confirmed to DS News that Concentric Equity Partners (CEP), owners of Mortgage Contracting Services (MCS), Asset Management Specialists (AMS), and Vacant Property Specialists (VPS) has agreed in principle to purchase CoreLogic‘s Property Preservation and Valuation divisions.
The deal is set to be finalized in the coming days and represents the latest in a series of strategic acquisitions for CEP to expand its growing footprint in the field services sector.
In August of last year, CEP announced the formation of a holding company to bring MCS, AMS, and VPS under common ownership. In addition to her role as MCS CEO, Caroline Reaves was named CEO of the holding company.
MCS is a nationwide provider of property inspections, property preservation and real estate owned (REO) property maintenance for the financial services industry. AMS is an industry leader in the REO market, maintaining deep relationships with government and government-sponsored entities. VPS is a leader in securing vacant properties across a wide range of residential and commercial sectors.
CoreLogic Property Preservation Services division currently provides a full spectrum of property preservation and maintenance services to secure and protect properties from conditions that may negatively impact asset value until a final property disposition determination. The Valuations and Collateral Risk division offers a full suite of valuation services aimed at helping lenders, mortgage servicers, government agencies and investors understand property values and property-related risk.
At this time, the present facilities and workforce of the acquired divisions are expected to remain intact.
Stick with DS News for the latest on this rapidly developing story.