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Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
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| Stonegate Making Another Acquisition
Deal expected to close this year
Nov. 21, 2013
By Mortgage Daily staff
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Stonegate Mortgage Corp. is putting its newly acquired capital to work with another agreement reached to buy a mortgage production business.
The Indianapolis-based company completed an initial public offering in October that was expected to generate at least $136 million.
It quickly lined up a deal with Nationstar Mortgage Holdings Inc. to acquire its wholesale lending business. That transaction, announced earlier this month, is expected to close this month.
In a filing this week with the Securities and Exchange Commission, Stonegate said it has entered a stock purchase agreement to acquire Crossline Capital Inc. from Timothy R. Elkins, its sole shareholder.
Stonegate will pay 1.3 times book value for the Lake Forest, Calif.-based firm. The agreement calls for $500,000 to be held back at closing for three years to cover Elkins' indemnification obligations under the agreement.
Crossline reports "billions of dollars in funded loans since inception."
"Consummation of the acquisition is subject to various conditions, including the absence of any law or order prohibiting the closing and the seller's entry into an employment agreement with Stonegate in an agreed-upon form," the SEC filing stated. "In addition, each party's obligation to consummate the acquisition is subject to certain other conditions, including the accuracy of the representations and warranties of the other party."
The acquisition is expected to be completed by December. |
Stonegate Mortgage profile
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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.
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