Guardian acquired a controlling interest in Atlanta-based Executive Asset Management this week. The terms of the transaction were not disclosed.
Executive Asset Management, a full-service residential and commercial portfolio management company, specializes in disposition strategies, property management services and rental solutions for FDIC Loss Share assets.
The merger will combine EAM with Guardian’s AssetAdvisor division; however, the merged entity will operate under the EAM name and will operate out of a single office in Alpharetta, Ga.
Paul Brenneke, CEO of Guardian, told HousingWire, “We have done business with them and had a relationship with them, and the opportunity came up with one of the minority partners who wanted to get bought out, so we ended up buying him out and also buying some additional interest in the company.”
Guardian will own a 51% majority interest in EAM, although day–to-day management will stay in place for the foreseeable future.
Brenneke said the seasoned, experienced team at EAM was a huge draw for Guardian. The senior management team at EAM has more than 20 years of experience in the property management industry.
“We share a lot of the same clients with Executive and this just allows us to consolidate and expand services offered to these clients. We both do a lot of work in the banking industry in general,” said Brenneke.
Executive’s primary business has been in single-family properties, although it does commercial as well. Guardian works more with commercial, although it does some residential work. Brenneke told HousingWire he is excited to work more with residential as the two companies combine forces.
The author of this article is: Megan Hopkins
See the original post at: http://www.housingwire.com/news/2013/03/12/guardian-ceo-wants-more-residential-business
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