New Residential Investment Corp. Makes Investment in Field Services Company, Guardian Asset Management
August 19 2019 - 8:30AM
Business Wire
New Residential Investment Corp. (NYSE:NRZ, “New Residential”,
the “Company”) today announced the signing of an agreement to
acquire 100% of the shares of DGG RE Investments LLC d/b/a Guardian
Asset Management (“Guardian”), a leading national provider of field
services and property management to government agencies, financial
institutions and asset management firms. Guardian’s suite of field
services includes: inspections, property preservation, repairs,
real estate owned property management and hazard claims. With its
large local vendor network, field operations and robust technology
platform, Guardian provides a wide range of highly targeted
services nationally.
“This investment in Guardian presents a great opportunity for
New Residential to add a leading field services business to our
platform,” said Michael Nierenberg, Chairman, Chief Executive
Officer and President of New Residential. “The addition of
Guardian, coupled with our existing investment in Covius, would
allow New Residential to take another step forward in our strategy
of building a full suite of ancillary services and growing revenues
and earnings for our shareholders.”
“Joining New Residential is an incremental progression in our
quest to build a world class field services and property
preservation business,” commented Jerry Mavellia, Chief Executive
Officer of Guardian. “As part of New Residential, we will be able
to serve New Residential’s existing portfolio as well as attract
new industry-wide clients. This is truly an exciting relationship
for Guardian customers, vendors and employees and will help
position our business for strong growth in the future.”
Under the terms of the agreement, Guardian will continue to
operate with the Guardian name and under the current Guardian
leadership. The transaction is expected to close in the fourth
quarter of 2019, subject to customary closing conditions.
Lift Strategic Partners acted as financial advisor to New
Residential in connection with the transaction.
ABOUT NEW RESIDENTIAL New Residential is a leading
provider of capital and services to the mortgage and financial
services industry. With approximately $37 billion in assets as of
June 30, 2019, New Residential has built a diversified,
hard-to-replicate portfolio with high-quality investment strategies
that have generated returns across different interest rate
environments. New Residential’s investment portfolio includes
mortgage servicing related assets, non-agency securities (and
associated call rights), residential loans and other related
opportunistic investments. Since inception in 2013, New Residential
has a proven track record of performance, growing and protecting
the value of its assets while generating attractive risk-adjusted
returns and delivering almost $3 billion in dividends to
shareholders. Following the acquisition of Shellpoint Partners LLC
(“Shellpoint”) in 2018, New Residential also benefits from
Shellpoint’s origination and third-party servicing platform, as
well as a suite of ancillary businesses including title insurance,
appraisal management, real estate owned management and other real
estate services. New Residential is organized and conducts its
operations to qualify as a real estate investment trust (“REIT”)
for federal income tax purposes. New Residential is managed by an
affiliate of Fortress Investment Group LLC, a global investment
management firm, and headquartered in New York City.
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New Residential Investor
Relations Kaitlyn Mauritz 212-479-3150
IR@NewResi.com
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