Stone Point Capital acquires Ranieri’s Situs

Mortgage bond kingpin Lewis Ranieri gets traction with private equity

Connecticut-based Stone Point Capital has acquired Situs Holdings, the latest offering from Lewis Raneri, in a deal valued at approximately $200 million.

Situs Holdings provides commercial real estate advisory services in North America. Situs chairman Lewis Raneri is credited with having invented the mortgage bond market during his tenure at Solomon Brothers in the 1970s. Today, Situs is one of the largest third-party loan servicers. Stone Point is acquiring the stake from Ranieri Partners and WL Ross & Co.

The transaction is expected to close in the first quarter of this year subject to regulatory approval.

Stone Point Capital declined to comment on the transaction.

Stone Point is currently investing out of its sixth fund, a $4.5 billion vehicle that closed in February 2014, according to Private Equity International’s research and analytics division. Known investors in the fund include CalPERS.

As part of the transaction, Stitus president Steve Powel will transition to role of CEO.

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