Statebridge Company, LLC (“Statebridge”), a leader in residential mortgage special servicing, announced today that FrontRange Capital Partners, LLC (“FrontRange”), headquartered in Denver, CO, has entered into an agreement to make a strategic investment in Statebridge. The size of the investment was not disclosed.
Proceeds from the FrontRange investment will be used by Statebridge to:
- Repurchase 100% of Integrated Asset Services’ current ownership interest in Statebridge;
- Further strengthen Statebridge’s balance sheet in order to qualify for Fannie Mae and Freddie Mac (“GSE”) servicing; and
- Upgrade its operating platform through investments in personnel and technology.
Since its founding in 2008, Statebridge has been one of the fastest growing special servicers in the industry. Statebridge management plans to build on that success by diversifying its servicing offerings to include GSE-backed loans.
“In a relatively short period of time, we have built one of the leading special servicers in the industry,” said Kevin Kanouff, President and CEO of Statebridge. “With this investment from FrontRange, we plan to accelerate that growth by making strategic investments in our people and systems, as well as becoming a GSE servicer.”
”We have known the Statebridge principals for many years and have been impressed by their proven ability to build an exceptional team and platform,” said David Robertson, CEO of FrontRange. “Management continues to own a significant stake in Statebridge, and we look forward to partnering with them to invest in the growth of the business.”
FrontRange Capital Partners, LLC (“FrontRange”) is a private equity firm focused on investments in real estate and high growth, high cash flow businesses. Founded in 2010 in partnership with the Pritzker Group and led by David Robertson, Lance Graber and Glenn Robson, FrontRange invests capital on behalf of institutions and high net worth individuals. For more on FrontRange, please visit www.frontrangecap.com.