According to the company, LRES Corporation, a real estate appraisal, appraisal, homeowner association, commercial trustee and REO asset management company, has acquired Keystone Asset Management, Inc., based in Pennsylvania. Terms of the deal were not disclosed.
The deal, described as a “definitive agreement”, is expected to close on September 1, with both companies operating under the LRES Corporation name. The two companies established a relationship based on previous collaboration, and the acquisition decision was relatively easy, according to LRES executives.
“Keystone has been a renowned and respected player in the REO / Asset Management and Valuation and Valuation industries for over twenty years. We know the management team well and admire their growth, innovation and sustainability. The decision to join forces was easy, ”said Roger Bean, CEO of LRES, in the acquisition statement.
As for Keystone, which describes its specialties as default management, real estate investment and creation support, leaders from both organizations have been discussing a more focused partnership for some time now, and it will now become more formalized once the deal is closed early. next month.
“Roger and I have been discussing a way to join forces for a long time,” said Jane Hennessy, founder of Keystone, in an announcement of the deal. “We are delighted that this acquisition has taken place. LRES provides an additional layer of Tier One delivery capabilities. This is an exciting time for our team. “
According to Ryan Hennessy, CEO of Keystone, formalizing the new acquisition of the company makes mutually beneficial sense for both organizations.
“I have known the LRES team for many years and am very excited,” he said. “The two companies have a lot in common, have had an excellent working relationship over the years and represent a great solution for the REO ecosystem and valuation.”
According to LRES President Mark Johnson, the acquisition also aims to expand the capabilities of LRES in the service solutions channel, as well as add a pleasant logistics bonus to the organization.
“Keystone has tremendous talent and technological capabilities,” Johnson said in a statement accompanying the acquisition announcement. “An interesting by-product of this alliance is that we now have a talented team located in the Eastern Time Zone.”
Earlier this year, LRES appointed H. Mark Helm is a member of the board of directors. Helm, who previously co-founded and served as President and CEO of Reverse Mortgage Solutions (RMS) from 2007 to 2013, once saw the company grow into HMBS’s largest issuer Ginny Mae and one of the largest reverse mortgage loan originators in the world. United States.