SHERMAN OAKS, Calif.--(BUSINESS WIRE)--Metrocities Mortgage, LLC (“Metrocities”), a national leader in the residential mortgage lending market, today announced the completion of a strategic investment from Sterling Partners, a private equity fund group based in Chicago and Baltimore. Metrocities will become part of Prospect Mortgage Company, LLC (“Prospect”), a Sterling Capital Partners portfolio company, and will continue to operate under the Metrocities name. Terms of the transaction were not disclosed.
The Metrocities investment is an early action of newly formed Prospect Mortgage, marking Sterling Partners’ entrance into the mortgage industry. “We chose Metrocities as a platform company because of its highly regarded joint venture program, talented management team, and positive company culture,” said Mark Filler, Prospect Mortgage’s CEO.
Filler cited the Metrocities relationship as representative of Sterling’s long term strategic investments in a variety of service industries, most notably educational firms such as Sylvan Learning Systems. “Sterling invests in innovative, entrepreneurial companies whose founders are committed to running the business with additional capital,” said Filler. “Metrocities fits our profile perfectly.”
Paul Wylie, founder and CEO of Metrocities, will be an equity participant in Prospect Mortgage. Mr. Wylie said, “I am excited about the potential synergies between Sterling and Metrocities. This recapitalization allows us to enhance all areas such as technology, marketing and loan products. It gives us new resources to continue our growth in 2007 and beyond.”
Established in 1989, Metrocities Mortgage is ranked in the top 1 percent of residential mortgage lenders nationwide for closed loan volume. Headquartered in Sherman Oaks, California, Metrocities Mortgage has become a leading nationwide lender based on unique loan programs and successful joint ventures (affiliated business arrangements) with key real estate companies, credit unions, financial advisor/business management companies, builders and other affinity groups. Loan Officers have access to over 7,000 loan programs and proprietary search engine technology enabling them to find the best loan products for their clients. As America’s Best Relationship LenderSM, Metrocities Mortgage is renowned for its in-house lending expertise, wide selection of loan programs and Heroic Customer ServiceSM. To learn more, visit www.metrocitiesmtg.com.
Sterling Capital Partners
Sterling Capital Partners is an affiliate of Sterling Partners (“Sterling”), a private equity fund group with over $2.2 billion of capital under management. Founded in 1983, Sterling partners with superior management teams, invests in companies with strong business fundamentals and leverages the firm’s proprietary methodology for acceleration of growth. Sterling collaborates closely with entrepreneurs and business owners to achieve the growth standard in their industry. Sterling Capital Partners assumes controlling interests in middle-market companies through equity investments ranging from $15 million to over $100 million per company. Industries of focus include financial services, education, healthcare, business services, direct marketing, specialty manufacturing and distribution, and technology. (www.sterlingpartners.us)