Company recapitalizes balance sheet through substantial reduction in debt, obtains new long-term financing to facilitate growth, execute strategy as high-quality service provider to financial, real estate sectors
LEWISVILLE, Texas, Oct. 5, 2020 /PRNewswire/ -- Mortgage Contracting Services, MCS, a leading provider of specialized services to financial institutions, is pleased to announce that it has completed a recapitalization of the company. The company's new ownership comprises an investor group led by Littlejohn & Co., LLC, Lynstone SSF Holdings Sàrl, funds advised by Neuberger Berman Alternatives Advisers, and Crescent Capital Group.
"We remain 100% focused on delivering the best customer experience while providing the market with a comprehensive service offering," said MCS Chief Executive Officer Caroline Reaves. "MCS is a strong business because of our employees, our customer relationships, our sound business model, and strong leadership team. We are excited to partner with our new owners to further strengthen our operations and remain the industry's provider of choice."
Weil, Gotshal & Manges LLP served as legal counsel, and Houlihan Lokey and Portage Point Partners served as financial advisors to the company in connection with the transaction. Wachtell, Lipton, Rosen & Katz served as legal counsel and MAEVA Group served as financial advisors to an ad hoc group of its existing lenders.
MCS provides critical specialized services to mortgage servicers and other financial institutions. The company provides field services such as inspections and property preservation for mortgages in default and real estate owned (REO). MCS utilizes an asset-light model, delivering its services through a network of independent vendors by leveraging its proprietary technology platform to efficiently automate workflow and ensure regulatory compliant solutions. MCS is headquartered in Lewisville, Texas.
SOURCE Mortgage Contracting Services, LLC