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Safeguard Properties, one of the nation's largest field asset services firms, will get even bigger with the acquisition of Bank of America's ($13.22 -0.216%) property preservation operations.
Safeguard previously served as the primary field service provider for Bank of America, fixing up and maintaining bank-owned properties through its national network, prior to its merger with Countrywide. Safeguard remained as a business partner with Bank of America through that process, key to the successful closing of this deal.
“By building and expanding our resources, we are honored to have an even greater impact on protecting and preserving properties for the benefit of our mortgage servicing and investor clients, as well as neighborhoods and communities across the country,” said Alan Jaffa, Safeguard CEO.
The transaction includes Bank of America field service employees, vendor network and operations.
Safeguard maintains it holds the additional capacity to provide inspections and other preservation services. The Cleveland, Ohio firm maintains it is the largest privately owned field services company in the nation.
The transaction is expected to close in 60 to 90 days.
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