Stone Point Capital has agreed to acquire Houston-based Situs, which provides commercial real estate advisory services and related integrated process and technology solutions. No financial terms were disclosed. The sellers are Ranieri Partners and WL Ross & Co. The transaction is expected to be completed in the first quarter of this year.
NEW YORK–(BUSINESS WIRE)–Situs, the premier global provider of commercial real estate (CRE) advisory services and related integrated process and technology solutions, today announced that it has agreed to be acquired by funds managed by Stone Point Capital LLC (Stone Point), a leading private equity firm focused on investing in the global financial services industry. Stone Point is acquiring the stake in the company from Ranieri Partners and WL Ross & Co. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2015. The terms of the transaction were not disclosed.
For over 30 years, Situs has established itself as a pioneer in the CRE industry, offering strategic business solutions to the world’s top financial institutions, investors, owners, and developers. Situs has evaluated over $1 trillion in CRE, resolved more than $50 billion in distressed assets, and has over $100 billion of assets under management. With operations in North America, Europe, and Asia, and a broad solutions portfolio encompassing Advisory Services, Loan Servicing, Risk Management, Consulting & Staffing, Valuation Management, and Business Process Outsourcing, Situs provides comprehensive solutions across debt and equity CRE transactions.
This partnership will build on the strengths of Situs’ offerings by providing access to Stone Point’s broad network of relationships and the funding to capitalize on growth opportunities. As part of the transaction, Situs’s President, Steve Powel, will transition to the role of CEO and lead the firm through its next phase of development.
“We are excited to have entered into this partnership with Stone Point,” said Steve Powel. “Their commitment as a strategic capital partner, along with the innovative solutions and services that Situs provides, will allow us to further expand our capabilities to benefit our clients. Given the current solid market conditions in our industry, I look forward to leading the Situs executive management team through this galvanizing high-growth stage.”
Chuck Davis, CEO of Stone Point Capital, said, “We have known Situs and its management team since 2010 and are delighted to be partnering with them. With its diverse capabilities, strong track record and blue-chip client base, Situs is well positioned for growth as the market increasingly utilizes outsourced CRE services.”
Situs, the premier global provider of end-to-end strategic business solutions and integrated process and technology solutions for the Financial Services Industry, has offered customized services to leading financial institutions, investors, owners, and developers since 1985. Situs offers a broad portfolio of strategic solutions including Debt Advisory, Loan Servicing, Consulting & Staffing, Valuation Management, Business Process Outsourcing, and Asset Management, among others.
Situs’ business provides customized solutions that mitigate deal execution risk for clients while maximizing operating margins. Situs is headquartered in Houston and has offices throughout the United States, Europe, and Asia.
About Stone Point Capital LLC
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised six private equity funds – the Trident Funds – with aggregate committed capital of approximately $13 billion. In addition to the capital invested by the Trident Funds, Stone Point has secured approximately $7 billion of equity co-investments since 2001. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For further information about Stone Point Capital, see www.stonepoint.com.