Michael Pfeffer, managing director of Post Capital
NEW YORK CITY— As more municipalities address challenges of foreclosed, rental and vacant properties, a property registration administrator is expanding its business. Investment firm Post Capital Partners has partnered with existing shareholders of Property Registration Champions, also known as ProChamps, Thomas Darnell and David Mulberry, and with an executive in the business process outsourcing and outsourced government services industry Robert Mannarino, to complete the recapitalization of ProChamps.
In the recap, the previous owners are continuing as part of management and as shareholders. Post Capital and Mannarino invested equity capital to acquire stock in ProChamps. Additional financial terms were not disclosed.
Based in New York, Post Capital works with executives to identify and then jointly invest in businesses. Mannarino, a 30-year veteran in the management of outsourced services companies, will join ProChamps as CEO. He was most recently interim CEO of GCR Incorporated, an IT and professional services company. Located in Melbourne, FL, ProChamps is a full-service technology and program administrator for property registration programs across the country. Working with municipalities, it assists in creating or modifying property registration ordinances, identifying foreclosed and vacant properties, fulfilling registration requirements and collecting registration fees.
ProChamps also recently launched a rental property registration program for renter occupied properties, which has become an area of concern for municipalities. It provides municipalities with improved property registration compliance and incremental revenue with no out-of-pocket cost.
Michael Pfeffer, managing director of Post Capital commended Darnell and Mulberry for building up ProChamps. “Together we want to continue to assist municipalities with their property management needs, as well as expand into additional service offerings to better serve our municipal clients going-forward,” says Pfeffer.
Darnell states that as a result of the 2008 housing crisis, municipalities were faced with an overwhelming number of abandoned properties that were not maintained and became havens for crime. “As municipalities in the US started to pass foreclosure property registration ordinances, we saw an opportunity to help municipalities enforce the ordinances and understand who was responsible for a property,” says Darnell. “Similarly, we are expanding into the rental market now as there is a growing need for municipalities to understand where rentals are taking place within their jurisdiction.”
Bank United provided senior debt financing for the transaction, Winston & Strawn and McGuireWoods provided Post Capital's legal representation. Accounting firm Crowe Horwarth assisted Post Capital with its financial due diligence. Investment bank XLCS Partners served as ProChamp's financial advisor.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
