Sunset Brands completes Walter Williams buy.
19 June 2012 - US financial services firm Sunset Brands Inc (PINK:SSBN) on Tuesday said it had finalised the acquisition of Florida-headquartered property firm Walter Williams Inc for an undisclosed sum.
Walter Williams, set up in 1967, has 70 licensed realtors and will continue to be headed by its founder and chief executive Walter Williams Jr. Its takeover by Sunset will help the latter manage distressed assets and capitalise on acquisition opportunities.
Simultaneously, Sunset said also it had completed its buy of Vineyard Investment Properties Inc which is expected to support its growing commercial lending business, Sunset chief executive Alan Speck commented. Vineyard Investment has more than USD140m (EUR110.7m) in brokered loan commitments in Florida, Georgia, Texas and Puerto Rico.
With these moves, Sunset hopes to diversify its product and services offering and bolster its revenue. It also plans to execute more acquisition and joint venture deals to raise profitability and increase shareholder value.
As part of its growth strategy, the company acquired HAF Investment Holdings LLC in late April with over USD1bn of assets under management.
Sunset Brands, which is doing business as Sunset Capital Assets, invests mainly in federally insured banks, mortgage companies, real estate, title insurance, insurance and management and consulting service. It is based in Jacksonville, Florida.Country: USASector: Construction/Real EstateTarget: Walter Williams IncBuyer: Sunset Brands IncType: Corporate acquisitionStatus: Closed