Pretium Partners, an investment management firm focused on real estate, mortgage finance and corporate credit with more than $10 billion in assets under management, has entered into a definitive agreement to acquire Selene Holdings, from funds managed by Oaktree Capital Management and Ranieri Partners.
Terms of the deal – which is expected to close by mid-year 2019 – were not divulged.
Founded in 2007, Selene Holdings is the parent company of Selene Finance, a Houston-based residential mortgage servicing company.
With more than 500 full time employees, Selene Finance is a special servicer of nonperforming, re-performing, REO and performing loans and is able to service in all 50 states.
Selene Holdings also includes SelecTitle, a title services company, and New Diligence Advisors, a national third-party diligence and advisory services firm.
“Selene is a best-in-class servicer that adds significant capabilities and expertise to Pretium’s residential credit ecosystem,” says Donald Mullen, founder and CEO of Pretium, in a release. “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.”
“Pretium is a leader in residential credit,” adds Brian Laibow, managing director of Oaktree. “They have an institutional culture and demonstrated history of growing customer-focused businesses. As we have built Selene with our clients, it was very important for Oaktree to partner with someone who shares that vision. We’re pleased to have found that in Pretium.”
Sidley Austin represented Pretium Partners in its acquisition of Selene Holdings.