It is seen as a significant step for the company
Home equity loan provider Spring EQ has been sold to an affiliate of Cerberus Capital Management, a global alternative investment firm. Financial terms of the deal were not disclosed.
Spring EQ said this marks a significant step for the company as it integrates into Cerberus’ Residential Opportunities platform, aiming to expand and enhance its services in the home equity financing market.
The collaboration is set to enhance Spring EQ’s platform, leveraging Cerberus’ deep mortgage industry knowledge and robust operational and technological capabilities. Additionally, Spring EQ aims to further invest in technology, open new commercial avenues, and launch operational initiatives through the acquisition.
Spring EQ founder and CEO Jerry Schiano will maintain his leadership role, backed by the current management team.
“This milestone marks the beginning of an exciting new chapter for our customers, team, and partners,” Schiano said in a media release. “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.”
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“Spring EQ has earned the trust of homeowners across America with its tailored, flexible financing solutions,” said Brendan Garvey, president of Cerberus Residential Opportunities. “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.”
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