Clayton Holdings, Inc. Formed to Offer Comprehensive Services to the Non-Conforming Lending and Securities Market; Clayton Services, Inc. and The Murrayhill Company to Combine; Frank Filipps To Be Named CEO.SHELTON, Conn. & DENVER -- Clayton Services, Inc., the largest and most respected provider of integrated loan and portfolio analysis, operations support and consulting services to the primary, capital and investor markets, and The Murrayhill Company, founder and industry leader of the securities surveillance and credit risk management business, have united under a newly formed company, Clayton Holdings, Inc. Frank P. Filipps, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Radian Group Radian Group Inc. (NYSE: RDN) is a credit enhancement company, offering mortgage insurance, financial guaranty insurance for public finance, asset-backed and structured finance transactions, reinsurance and other financial services. Inc., will be named Chairman and CEO upon his retirement from Radian ra·di·an n. Abbr. rad A unit of angular measure equal to the angle subtended at the center of a circle by an arc equal in length to the radius of the circle. . TA Associates, a leading private equity firm, is the controlling shareholder of both Clayton Services, Inc. and The Murrayhill Company and has invested $134 million of capital into Clayton Holdings. The new organization will leverage each company's technology, robust databases, and analytical and consulting capabilities to provide a comprehensive spectrum of information-based services. These services support loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , securities issuance and securities performance management for the non-conforming mortgage A non-conforming mortgage is a term in the United States for a residential mortgage that does not conform to the loan purchasing guidelines set by the Federal National Mortgage Association /Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac). backed securities (MBS See Mb/sec. MBS - mobile broadband services ), commercial mortgage backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ) and asset backed securities (ABS) markets, which represent combined principal value in excess of $1.6 trillion. The company will capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the continued robust performance of non-prime lending and the growing trend toward services outsourcing by U.S. capital markets firms. "Clayton Holdings is a uniquely qualified, full-service company with the financial, intellectual and technology resources to significantly advance the non-conforming lending and securities industries," said Filipps. "As we strategically grow the company, we will be doing so from an exceptional foundation that adds value to both our clients and the industries we serve." At Radian, Mr. Filipps expanded and diversified operations in the US, UK and Asia, including significant acquisitions in financial guarantee insurance and credit-based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , propelling the company from revenues of $165 million to more than $1.3 billion and net income of $28 million to over $518 million. Joining Mr. Filipps is Steve Lamando, founder and CEO of Clayton Services, who has been named president of Clayton Holdings and joins its board of directors. As president of Clayton Holdings, Mr. Lamando will oversee all businesses of the combined companies and will work with Mr. Filipps to grow the franchise. Sue Ellis, CEO and founder of Murrayhill, will move from her post as CEO of Murrayhill to join the Clayton Holdings board of directors and Kevin Kanouff will continue as president of Murrayhill. Clayton Services has supported over 30,000 transactions totaling more than $1.5 trillion in principal value and performs analysis on more than one million loans annually. The Murrayhill Company has been retained by every major private-label dealer to monitor structured finance assets and has overseen more than $800 billion in assets. "Delivering trusted, high quality services are the hallmarks of both businesses and the basis upon which each has built established relationships with leading capital market firms, banks, lending institutions, fixed income investors, servicers, trustees and rating agencies," said Lamando. "We look forward to bringing both our clients and the industry an even richer complement of information-based services to advance their businesses." Clayton Holdings will offer access to the industry's largest and most robust database of non-conforming loan A non-conforming loan is a loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it. information, sophisticated data aggregation, comprehensive operations outsourcing capabilities, advanced analytics and dynamic reporting capabilities. In addition, it will provide new capabilities to help clients achieve continuous improvement in securities creation and performance management, such as services that track loan characteristics and performance from origination through maturity. "Uniting under a common banner brings us closer to our goal of seamless delivery of every aspect of transaction oversight, from pre-securitization through the life of a loan pool, for the fixed income industry," said Ellis. "We see value-added synergy and a close cultural fit with Clayton, and feel that this combination will benefit our customers, the industry and our employees." Privately-held Clayton Holdings is controlled by TA Associates, a $6 billion private equity firm providing growth capital, leveraged recapitalization Leveraged Recapitalization A strategy where a company takes on significant additional debt with the purpose of either paying a large dividend or repurchasing shares. The result is a far more financially leveraged company. Notes: This is often used in risk arbitrage. and management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. financing for companies in such industries as technology, financial services and business services. Roger Kafker, a Managing Director of TA Associates, and Todd Crockett, a Principal of TA Associates, will both join the board of Clayton Holdings. Clayton Services founder Lamando and Murrayhill founder Ellis retain significant ownership interest. "The non-conforming mortgage market is ripe for a company to become the industry leading consolidator delivering high quality information on which many financial services firms rely," said Crockett. "The combination of dominant players like Clayton and Murrayhill, with their world class management teams, forms a platform to build an innovative product leader." Clayton Holdings will be headquartered in Shelton, Connecticut Shelton is a city in Fairfield County, Connecticut, United States. History Origins The town was split off from Stratford in 1789, as Huntington (named for Samuel Huntington). , with major bases of operation in Denver; Tulsa, Oklahoma; Tampa, Florida; Irving, Texas; Irvine, California; and Indianapolis, Indiana. About Clayton Holdings, Inc. Clayton Holdings was established to bring the most comprehensive set of sophisticated information-based solutions to clients who buy, sell and manage loans and securities. Comprised of two wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Clayton Services, Inc. and The Murrayhill Company, Clayton Holdings is privately held, with controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail by TA Associates, one of the largest and most experienced private equity and buyout firms. Clayton Services founder Steve Lamando and Murrayhill founder Sue Ellis retain significant ownership interest. About Clayton Services Clayton Services, Inc. is the industry's largest and most respected provider of operations support, loan and portfolio analysis, and consulting services to companies that buy, sell and manage loans. Founded in 1989, Clayton pioneered the use of automation and decision support technologies to create dramatic efficiencies in transaction management support and has continued to innovate in support of its clients needs. Clayton's clients include leading capital markets firms, banks and lending institutions, fixed income investors, rating agencies and insurance companies. The company has supported over 30,000 transactions totaling over $1.5 trillion in principal value, performs analysis on over 1 million loans annually, and provides an integrated suite of solutions ranging from Transaction Management support to Compliance software to Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal . For more information, visit www.clayton.com. About The Murrayhill Company The Murrayhill Company created credit risk management to improve the performance of fixed-income securities Fixed-income securities Investments that have specific interest rates, such as bonds. . Murrayhill's services provide clients, security issuers and investors, with a competitive advantage through servicer oversight and transparent reporting on MBS and ABS securities. Using a patent-pending risk-filtering process, Murrayhill analyzes raw data to identify situations that present risk to the investor. Murrayhill's analysts take action to remove and diminish this risk, resolving both loan-level and systemic issues. Based in Denver, Colorado, The Murrayhill Company monitors more than $800 billion (original balance) in securitized securitized Of, related to, or being debt securities that are secured with assets. For example, mortgage purchase bonds are secured by mortgages that have been purchased with the bond issue's proceeds. bond portfolios. For more information, visit www.murrayhillcompany.com. TA Associates Founded in 1968, TA Associates is one of the largest and most experienced private equity firms. With offices in Boston, Menlo Park and London, the firm manages $6 billion in capital and has invested in 350 companies. TA Associates provides growth equity capital, leveraged recapitalization and management buyout financing primarily for technology, financial and business services, healthcare and consumer businesses. TA has completed investments in financial services companies totaling well over $1 billion in transaction value, including Affiliated Managers Group, AIM Management Group (now AMVESCAP Plc), Datek Online Holdings (Ameritrade Holding Corporation), GlobeOp Financial Services and The Island ECN (Electronic Communications Network) A computerized, private financial trading system. Terra Nova Trading (www.terranovatrading.com) and Instinet (www.instinet.com) are examples. (Instinet Group Incorporated). More information about TA Associates can be found at www.ta.com. Safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements made in connection with this release which are not historical fact, such as forward-looking statements concerning future financial performance and growth, involve risk and uncertainties. Such statements are subject to various factors that could cause actual results to differ materially from those set forth in the forward-looking statements. Any forward-looking statements represent the best judgment of Clayton Holdings, Clayton Services, The Murrayhill Company and/or TA Associates as of the date of this release. Clayton Holdings, Clayton Services, The Murrayhill Company and/or TA Associates each disclaim any intent or obligation to update any forward-looking statements. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion