* Chicago-based Concentric Equity Partners (CEP) and London-based TDR Capital (TDR) announced they were forming a new holding company to own and operate a suite of field services companies. The companies being brought together under the holding company are Mortgage Contracting Services LLC (MCS), Asset Management Specialists Inc. (AMS) and Vacant Property Specialists LLC (VPS).
CEP is a private investment firm whose focus is to provide capital and experience to profitable growth businesses. TDR is a private equity firm with $3.6 billion of committed funds.
Caroline Reaves, the current chief executive officer (CEO) of Plano, Texas-based MCS, will also assume the role of CEO of the new holding company.
The three companies will continue to be managed independently and there will be no immediate changes to their business processes.
The deal was expected to close in early October.
MCS is a nationwide provider of property inspections, property preservation and real estate-owned (REO) maintenance...