Walter Investment Management Corp. agrees to purchase GTCS Holdings LLC (Green Tree), one of the nation’s largest third-party home loan servicers, for approximately $1.07 billion in cash and stock.
On March 28, it was announced that Walter Investment Management Corp. has entered into a definitive agreement to purchase Willkie client GTCS Holdings LLC (Green Tree), one of the nation’s largest third-party home loan servicers, for approximately $1.07 billion in cash and stock. Green Tree brings to Walter Investment a high-growth platform with a diverse, blue chip customer base.
With about 1,900 employees, St. Paul, Minnesota-based Green Tree is a leading independent, fee-based business services company that provides high-touch, third-party servicing of credit-sensitive consumer loans. The company services a diverse $37 billion loan portfolio consisting of over 745,000 loans. Based in Tampa, Fla, Walter Investment Management is an asset manager, mortgage servicer and mortgage portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets. The company currently has $1.8 billion of assets under management and annual revenues of approximately $180 million.
The deal was handled by partners Rosalind Fahey Kruse, William Dye, Thomas French, David Rubinsky and Hillel Jacobson, and associates Matthew Guercio, Kristen Smith, Alessandro Turina, Jordan Messinger and Amanda Granacher.