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Cerberus Capital Management to Acquire Bluestone Group’s Australasian Operations

February 27, 2018, 07:14 AM
Filed Under: Mortgage Servicing

Cerberus Capital Management, L.P., a global leader in alternative investing, announced that one of its affiliates has entered into an agreement with Bluestone Group, the international financial services business based in the U.K., to acquire its Australasian mortgage lending and portfolio servicing operations (Bluestone Holdings Australia).

Bluestone Holdings Australia is a leading specialist lending business with operations in Australia, New Zealand, and the Philippines. It has originated over A$6 billion worth of loans, served over 37,000 customers, and completed more than 24 securitizations in Australia. Bluestone was also voted Australia's number one specialist lender by Momentum Intelligence's 2017 lending survey. For its part, Cerberus oversees a number of successful servicing platforms in various markets across the globe including Haya Real Estate, the leading independent special servicing platform in Spain; CHL, a U.K. residential mortgage servicing platform; and Cerberus European Servicing, its own proprietary platform with locations across Europe.

Lee Millstein, President of Cerberus Global Investments, said, "With its solid balance sheet and strong competitive position, Bluestone Holdings Australia is well positioned to capitalize on the currently attractive market and regulatory dynamics. Cerberus is excited to work with the management team to scale Bluestone Holdings Australia's platform to serve the region's mortgage market. We believe this is the ideal transaction to draw on our mortgage investing and servicing experience and expand our business into the Australian market."

Campbell Smyth, Bluestone Holdings Australia's Chief Executive Officer said, "Cerberus has built a reputation as a global leader in mortgages and servicing as a trusted partner to banks and borrowers alike. The combination of Cerberus's expertise, resources, and commitment to our future success, as well as Bluestone's strong brand recognition will strengthen our ability to serve borrowers and capture opportunities inherent in the current market environment."

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