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First Associates, PFSC Combine Operations; First Associates Closes Investment Round with Stone Point Capital

July 23, 2019, 07:15 AM
Filed Under: Mergers & Acquisitions

First Associates Loan Servicing, LLC announced it has closed an investment round with Stone Point Capital LLC. The Stone Point investment in First Associates is the culmination of years of partnerships with industry-leading clients, an ongoing commitment to excellence and track record of delivering outstanding growth and performance, the company said. Funds managed by Stone Point Capital have acquired a majority interest in First Associates.

As key part of this investment, First Associates and Portfolio Financial Servicing Company (PFSC), a current Stone Point investment company, will combine operations to form a single world-class financial service company. This new entity will be an industry leader specializing in loan and lease servicing, capital markets support and customer service support with an exceptional focus on technology and compliance.

“First Associates is proud and excited to be joining the Stone Point family of companies and we are looking forward to the opportunities this investment round will enable us to bring to our clients,” said CEO David Johnson. “We are excited to combine PFSC’s expertise in the commercial loan and lease servicing space with our consumer expertise. This combination of our two companies is a big win for the industry.”

First Associates and PFSC will work together over the next four to six months to combine operations and develop their long-term growth strategy. With the integration, they will be able to offer the entire spectrum of servicing solutions including:

  • Consumer Loan and Lease Servicing
  • Commercial Loan and Lease Servicing
  • Customer Service Support
  • Backup Servicing and other Capital Markets Support
  • Third-Party Collections Services via their Activate Financial subsidiary

“Bringing together two clear industry leaders is always a game-changer,” said John Enyart, PFSC President. “Being able to combine all the knowledge, assets and leadership that PFSC and First Associates have together after years of competing is an impressive prospect that opens up a bright future.”

Stone Point CEO, Chuck Davis, added, “We are looking forward to partnering with the First Associates team. PFSC has achieved significant growth since our investment in 2016, and we are thrilled about the prospects of the newly combined company.”

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