Pretium has acquired Selene, the parent company of Selene Finance, a residential mortgage servicing firm. The sellers were Oaktree Capital Management LP and Ranieri Partners LLC. In addition to the transaction, Selene has named Joe Davila as CEO and president.
New York – November 4, 2019 – Pretium, an investment management firm focused on real estate, mortgage finance and corporate credit with over $10 billion in assets under management, today announced that it has closed its previously announced acquisition of Selene Holdings LLC (“Selene”) from funds managed by Oaktree Capital Management, L.P. and Ranieri Partners LLC.
In conjunction with the closing, Joe Davila, former President, Servicer Solutions of Altisource Portfolio Solutions, will be appointed Chief Executive Officer and President of Selene, upon providing appropriate state regulatory notice. Mr. Davila has extensive experience in mortgage servicing and driving business growth.
Founded in 2007, Selene is the parent company of Selene Finance LP (“Selene Finance”), a residential mortgage servicing company. With over 500 employees, Selene Finance is a servicer of non-performing, re-performing, REO and performing mortgage loans and is licensed to service in all 50 states.
Donald Mullen, Founder and Chief Executive Officer of Pretium said, “Selene’s servicing capabilities complement and continue to expand Pretium’s residential credit ecosystem and we are excited to welcome Selene to our expanding asset management platform. Joe is a proven executive and we look forward to his leadership and vision, as we seek to create value for Selene’s clients and Pretium’s investors through strong communication and investment in technology and infrastructure.”
Mr. Davila, added, “Selene is already a leader in all aspects of mortgage loan servicing, and I am thrilled to join their dedicated team. We will continue to enhance our clients’ experience by delivering flexible and creative servicing solutions to meet their needs. We will support a renewed growth strategy with a focus on proactivity, innovation and the delivery of outstanding client and consumer interaction models.”
Pretium is a specialized alternative investment management firm focused on residential real estate, mortgage finance and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy, the residential housing sector and mortgage finance markets. Pretium has built an integrated analytical and operational ecosystem within the U.S. residential housing, mortgage and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. For more information, please visit www.pretium.com.
ABOUT SELENE HOLDINGS
Selene Holdings was founded in 2007 and is the parent company to Selene Finance LP, SelecTitle and New Diligence Advisors LLC. Selene Finance is a servicer of non-performing, re-performing, REO and performing mortgage loans. For more information visit www.seleneadvantage.com.