Mortgage Servicing Companies MCS, AMS and VPS under Common Ownership

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Aug 29, 2013, 03:16 ET

PLANO, Texas and BRISTOL, Pa. and CHICAGO, Aug. 29, 2013 /PRNewswire/ -- Concentric Equity Partners (CEP) and TDR Capital (TDR) announce the formation of a new holding company to establish a suite of mortgage field services companies comprising Mortgage Contracting Services, LLC (MCS), Asset Management Specialists, Inc. (AMS) and Vacant Property Specialists, LLC (VPS).

The holding company, which will be owned by CEP, TDR and management expects to close the transaction effective October 1, 2013. The current CEO of MCS, Caroline Reaves, will additionally assume the role of 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 trusted leader in securing vacant properties across a wide range of residential and commercial sectors.

"MCS, AMS and VPS are all prominent and successful value-providers to banks, mortgage servicers, government entities and other property owners," Ms. Reaves says. "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. 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."

Ms. Reaves adds that there will be no immediate changes to the three companies' business processes and they will each continue to be managed independently.

"Our immediate goal and focus is to continue providing exceptional performance and customer service to the existing customers of MCS, AMS and VPS," says Ernie Stefkovic, CEO of AMS, "And to continue protecting and preserving communities across the country."

CEP is a Chicago-based private investment firm, providing capital and experience to profitable growth businesses run by outstanding management teams. TDR is a London-based private equity firm with $3.6 billion of committed funds and has substantial investors from, and investments in, the U.S.

About MCS

For more than 25 years MCS, headquartered in Plano, TX., has protected and preserved communities all across the nation. Some of the largest and most respected banks and mortgage servicers in the industry trust MCS to perform property inspections, property preservation and REO property maintenance services in all 50 states. MCS has a history of providing these services in a highly-regulated environment, the proven ability to handle large volumes of properties, and a record of recruiting, managing and monitoring a substantial vendor network. For more information, please visit http://www.MCS360.com.

About AMS

Headquartered in Bristol, PA., AMS provides a full range of field services, rental management, general contracting, marketing, software solutions and mobile applications to the financial services industry. For over 20 years, AMS has worked with government and government-sponsored entities, individual consumers and brokers, and small and minority owned businesses. The business benefits significantly from a nationwide geographic footprint of thirty field offices and administrative centers which are based on the nature and location of its clients and their portfolios. Local AMS employees complete field services and provide onsite, quality oversight of their nationwide vendor network. For more information visit http://www.amsreo.com.

About VPS

VPS is a trusted leader in securing, maintaining and managing vacant properties across a wide range of residential and commercial sectors. VPS' innovative solutions and expert services allow customers to protect their vacant properties against unauthorized access and property decay. Its extensive range of steel boarding, wireless alarms and other vacant security products provide customers peace of mind that their vacant properties are safe, secure and retain their value. For more information visit www.vpspecialists.com.

For more information on the MCS, AMS, VPS announcement, please contact Amy Hunt at 800-559-4534 or [email protected].

SOURCE MCS