A big law firm that services financial firms made a recent acquisition that included two former congressmen and signals aggressive growth planned at the firm. An investment in an income verification company is expected to enable an expansion into other services, while another mortgage service provider hopes to expand from investments it has received.
Last month, Washington, D.C.-based Patton Boggs LLP announced that it would acquire the Breaux-Lott Leadership Group. The move was touted as “combining two of the most recognizable firms in public policy at the nation’s highest-revenue producing public policy law firm” and called a “strategic coup” by Patton Boggs Chairman Thomas Hale Boggs Jr.
“Former Louisiana Democratic senator John Breaux and former senate majority leader Trent Lott, R-Miss., join the firm’s Washington office as special senior counsel with their sons, John Breaux, Jr. and Chester Trent Lott; three public policy advisers; and three staff members,” the statement said.
The Washington Post reported earlier this month that Patton Boggs brought in more lobbying revenue than any other firm during the first half of this year: $21 million. The law firm also has an alliance with MortgageDaily.com through its financial services group. The news release indicated that the acquisition signals an aggressive growth plan for the firm.
The PMI Group Inc. unloaded its equity in FGIC Corp. for an undisclosed amount, a recent announcement indicated. Because of previous impairments, no losses were recognized by the mortgage insurer from the sale. The Walnut Creek, Calif.-based company said it could potentially realize future tax benefits from its sale.
Blue Horizon Capital acquired Veri-tax LLC on July 28 for an undisclosed amount, a news release indicated. Blue Horizon intends to invest in an expansion by Veri-tax into fraud detection, management and mitigation services.
Blue Horizon Managing Partner Michael Chon will share the title of Veri-tax co-president with Veri-Tax founder Peter Pozzuoli. In the statement, Pozzuoli highlighted the growing opportunity from increased regulation.
Monitor Clipper Partners, a $2 billion equity firm, made an investment for an undisclosed amount in Mortgage Cadence LLC, an Aug. 10 statement said. Mortgage Cadence plans use the fresh capital to expand its service offerings utilizing strategic acquisitions and internal initiatives. Among the Denver-based company’s offerings are help with increasing mortgage originations, streamlining operations and managing compliance risk.
The latest acquisition brings to more than 30 the number of acquisitions made during the past decade at Monitor Clipper.
Bank of America Corp. Chief Executive Officer Brian T. Moynihan said in a recent conference call that the company plans to sell Balboa, which inherited with its 2008 acquisition of Countrywide Financial Corp., Bloomberg reported.
