IRVINE, Calif., Nov. 12 /PRNewswire/ -- Real Estate Disposition Corporation
(REDC), the nation's largest real estate auction company, announced today that
it has completed the sale of a 50% interest in the company to Trident IV,
L.P., a private equity fund managed by Stone Point Capital LLC.
"We are excited about our new partnership with Stone Point Capital," says
Robert Friedman, Chairman of REDC. "Stone Point Capital's experience and
relationships in the mortgage servicing sector make it an ideal partner for
REDC. The firm's business acumen made it an easy choice for us. The goal has
always been to expand and grow our business worldwide. Leveraging our new
partner's relationships will make our goals easier to achieve as we move
forward."
Jeffrey P. Frieden, CEO of REDC, adds, "Stone Point Capital shares our
orientation toward long-term relationships with employees, customers and
business partners, which is particularly important to us. REDC and Stone
Point Capital are ideal partners."
Stone Point Capital's other investments in the mortgage services industry
include ZC Sterling Corporation, Cyprexx Services, LLC and Amherst Holdings
LLC. ZC Sterling manages lender-placed hazard insurance programs on behalf of
mortgage servicers and also provides real estate tax services, voluntary
homeowner's insurance programs and other marketing and customer care services
to mortgage servicers, other financial institutions and home builders.
Cyprexx Services is a leading field services outsourcing company that provides
property preservation, rehabilitation, repair and inspection services for
foreclosed residential properties on behalf of mortgage servicers and firms
that manage foreclosed properties. Amherst Holdings, through its various
subsidiaries, provides banking, brokerage, and research services related to
residential mortgage-backed securities and their derivatives, to institutional
clients including the GSEs, asset managers and mid-sized depository
institutions.
"The REDC management team has done a very impressive job in growing the
company into the leading real estate auction company in the nation," says
Stone Point Capital CEO Charles A. Davis. "We look forward to supporting the
REDC management team as it continues to build on its successes."
Prior to joining Stone Point Capital in 1998, Mr. Davis worked with Goldman,
Sachs & Co. for 23 years, serving as head of Investment Banking Services
worldwide, co-head of the Americas Group, head of the Financial Services
Industry Group, and a member of the International Executive Committee and a
General Partner.
Stephen Friedman, Chairman of Stone Point Capital, adds, "In this period of
turmoil in the mortgage sector, REDC is well positioned to help its clients
manage the disposition of their real estate assets in an efficient auction
format."
Mr. Friedman is the non-executive Chairman of the Board of Directors of the
Federal Reserve Bank of New York and Chairman of the President's Intelligence
Advisory Board and Intelligence Oversight Board. He is a retired Chairman of
Goldman, Sachs & Co. From December 2002 to December 2004, he served as
Assistant to President George W. Bush for Economic Policy and Director of the
National Economic Council.
About Real Estate Disposition Corporation (REDC)
REDC was established in 1990 and is the leading Real Estate Auction Marketing
firm in the country. The company has established a dominant position in its
industry by selling more than $3 billion in Real Estate assets at auction in
the past year alone. REDC's primary clients are residential mortgage lenders
and home builders. The success of the company is based on the aggregation of
lender-foreclosed assets that are marketed and sold in large event-style
auctions across the country. Information about REDC auctions is available on
www.USHomeAuction.com for lender foreclosed / real estate owned (REO) auctions
and on www.AuctionToday.com for home builder liquidation auctions. Year to
date through November 10, 2008, REDC has auctioned 16,000 homes through 175
auctions, and has 50 additional auctions scheduled to be completed by December
18, 2008. For more information, visit www.ushomeauction.com.
About Stone Point Capital LLC
Stone Point Capital is a global private equity firm that has raised more than
$10 billion of committed capital. It primarily targets investments in the
financial services industries, including outsourcing service providers focused
on financial institutions, mortgage services, banks and depository
institutions, insurance underwriting, insurance distribution, specialty
lending and other credit opportunities, employee benefits and healthcare, and
asset management businesses. Stone Point Capital has a history of
successfully investing in the global financial services industry over a period
of almost 25 years. For more information, visit www.stonepoint.com.
CONTACT:
Rick Weinberg
REDC Group Public Relations
Direct: (949) 639-3558
RickW@redcgroup.com
SOURCE Real Estate Disposition Corporation
Rick Weinberg of Real Estate Disposition Corporation, +1-949-639-3558,
RickW@redcgroup.com
