Pretium Partners has announced that it has agreed to acquire the parent company of Selene Finance, a Houston-based residential mortgage servicing company.
The investment management firm focused on real estate, mortgage finance, and corporate credit will acquire Selene Holdings from funds managed by Oaktree Capital Management and Ranieri Partners. Selene Holdings also includes SelecTitle, a title services company, and New Diligence Advisors, a third-party diligence and advisory services firm.
Selene Finance is a special servicer of nonperforming, re-performing, REO, and performing loans. With more than 500 full-time employees, the company is able to service in all 50 states.
“Selene is a best-in-class servicer that adds significant capabilities and expertise to Pretium’s residential credit ecosystem,” Pretium founder and CEO Donald Mullen said. “We look forward to further investing in Selene’s technology and platform and working closely with management to best serve Pretium’s investors and Selene’s clients.”
“Selene has always been focused on providing flexible and creative servicing solutions to our clients. We’re excited to join with a partner who shares that approach and commitment to the industry, and look forward to continuing to expand our solutions for the residential credit markets,” Selene President and CEO Joe Pensabene said.
The companies did not disclose the terms of the transaction. The deal remains subject to customary closing conditions and regulatory approvals and is expected to close mid-year 2019.