“Property preservation providers are important and essential for servicers as a part of the mortgage lifecycle, and at present a service Stewart doesn’t supply,” Stewart CEO Fred Eppinger mentioned in an announcement.
Based in 1986, MCS is promoting its property preservation, inspection and different asset administration and upkeep operations. However it’s going to proceed to function its MCS Business, MCS Residential and MCS Authorities Providers divisions and types.
Processes, operations and expertise to help mortgage servicers and lenders will transition to Stewart. Lately, MCS has expanded by acquisitions of preservation leaders MSI and Five Brothers Asset Management Solutions.
“Our mortgage providers prospects will proceed to obtain the distinctive providers MCS has delivered for years underneath this new possession,” Craig Torrance, CEO of MCS, mentioned in an announcement. “The remaining MCS companies will proceed to function underneath the MCS model and are well-poised for continued development.”
The sale gives further capital and suppleness for future development at MCS, which is at present led by a bunch of buyers together with Littlejohn & Co., Lynstone Holdings and Neuberger Berman Alternate options Advisers. Andrew Nolan will stay president of residential and business operations for MCS, reporting to Torrance.
Troutman Pepper Locke served as exterior counsel to Stewart. Macquarie Capital acted as unique monetary advisor to MCS, and BakerHostetler served as its authorized adviser.
