Leading Home Equity Provider Spring EQ Completes Sale to Cerberus

PHILADELPHIA--(BUSINESS WIRE)--Spring EQ, a leading provider of home equity financing solutions, today announced that it has completed its previously announced acquisition by an affiliate of Cerberus Capital Management, L.P., a global leader in alternative investing.

With the completion of the transaction, Spring EQ officially joins Cerberus’ Residential Opportunities platform to take the next step in its journey to deliver best-in-class offerings and expand its leadership in the home equity financing market. The support of Cerberus’ extensive mortgage expertise as well as its operating and technology capabilities will help Spring EQ 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. “This milestone marks the beginning of an exciting new chapter for our customers, team, and partners,” said Mr. Schiano. “With Cerberus, we’ll harness our combined expertise and resources to deliver premier service, tailored solutions, and exceptional digital experiences on a greater scale. We’re excited to build on Spring EQ’s proud legacy and help even more homeowners around the country achieve their personal goals.”

Brendan Garvey, President of Cerberus Residential Opportunities, added: “Spring EQ has earned the trust of homeowners across America with its tailored, flexible financing solutions. Together, we’ll be positioned to sustain and grow the platform’s leadership in this expanding segment of the residential market. We’re looking forward to supporting their important mission of helping customers access and unlock their home equity value with transparency and simplicity.”

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.

About Spring EQ

Spring EQ is a national home equity lender providing flexible and tailored financing solutions directly to consumers with a national network of experienced brokers and partners. Spring EQ offers a broad range of home equity products and delivers a simple and streamlined process that results in faster funding, trustworthy loans, and less frustration for consumers today. To learn more about Spring EQ, visit www.springeq.com.

About Cerberus

Founded in 1992, Cerberus is a global leader in alternative investing with approximately $65 billion in assets under management across complementary credit, private equity, and real estate strategies. We invest across the capital structure where we believe our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.