Private equity firm Stone Point Capital is to acquire commercial real estate advisory services firm Situs.
Situs announced today a deal had been struck for Stone Point to acquire a stake in the company from Ranieri Partners and WL Ross & Co.
The transaction is expected to close in the first quarter of 2015.
Situs, which provides solutions across debt and equity commercial real estate transactions, has evaluated over $1trn in commercial real estate, resolved more than $50bn in distressed assets, and has over $100bn of assets under management.
As part of the transaction, Situs’s president, Steve Powel, will transition to the role of chief executive and lead the firm through its next phase of development.
Chuck Davis, chief executive of Stone Point Capital, said: “With its diverse capabilities, strong track record and blue-chip client base, Situs is well positioned for growth as the market increasingly utilises outsourced commercial real estate services.”
Steve Powel said: “[Stone Point’s] commitment as a strategic capital partner, along with the innovative solutions and services that Situs provides, will allow us to further expand our capabilities to benefit our clients.
“Given the current solid market conditions in our industry, I look forward to leading the Situs executive management team through this galvanizing high-growth stage.”