Spring EQ, a leading provider of home equity financing solutions, announced that it has entered into a definitive agreement to be acquired by an affiliate of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing.
Latest Fintech Interview : Global Fintech Interview with Jane Thomason, Web3.0 Leader at World Metaverse Council
Spring EQ is a highly rated and fast-growing home equity lender in the United States with a customer-focused salesforce and national network of experienced brokers and partners. Since its founding in 2016, the company has become a trusted partner to customers and brokers through a people-first approach built around flexible solutions and cutting-edge digital processes.
In this next chapter, Spring EQ will partner with Cerberus’ Residential Opportunities platform – a global investor in residential mortgage securities and assets – to support its mission to deliver best-in-class offerings and expand its leadership in the home equity financing market. With the support of Cerberus’ operating and technology capabilities, Spring EQ will enhance its platform through further investment in technology, new commercial opportunities, and growth-based operational initiatives. Founder and Chief Executive Officer Jerry Schiano, alongside the current management team, will continue to lead Spring EQ following the completion of the transaction.
“We’re incredibly proud to be helping individuals and families across the United States achieve their goals,” said Jerry Schiano, Spring EQ Founder and Chief Executive Officer. “Spring EQ has helped redefine the home equity financing process by combining exceptional digital experiences and tailored solutions. This partnership with Cerberus comes at a perfect time in our journey. The Cerberus team’s mortgage expertise, technology capabilities, and operational resources will help propel our growth, better positioning us to make an even greater impact.”
Read More About Fintech Interview: Global Fintech Interview with Jacob Lysick, CMO at OrionBlockSystems
Joe Steffa, Managing Director of Cerberus Residential Opportunities, commented: “There is accelerating demand for home equity solutions and Spring EQ is already a leader in the growing market. Amid higher interest rates and record levels of untapped residential home equity in the United States, Spring EQ is providing American homeowners a simpler, more transparent alternative to unlocking their value. We’re excited to partner with Jerry and the team to deliver unparalleled experiences to customers on an expanded scale.”
Dechert LLP and Dentons US LLP acted as legal advisors to Cerberus and Morgan Stanley & Co. LLC served as financial advisor. Katten Muchin Rosenman LLP acted as legal advisor to Spring EQ and GreensLedge Capital Markets LLC served as financial advisor.
Browse The Complete Interview About Fintech : Global Fintech Interview with Luz Mabel del Valle, Chief Risk Officer at FV Bank
[To share your insights with us, please write to sghosh@martechseries.com]
