Safeguard Acquires Bank of America’s Field Service Operations
Safeguard Properties reaches agreement to acquire field service operations of Bank of America
Safeguard Properties has reached an agreement to acquire the field service operations of Bank of America. Under the agreement, Safeguard will acquire the employees and vendor network of the field service operations working out of three facilities, and will assume responsibility to inspect and maintain Bank of America’s portfolio of defaulted and REO properties. The transaction is expected to close in 60 to 90 days.
The acquisition of the entire field service operation assures that Safeguard will have the needed capacity to conduct business as usual and assure a smooth and orderly transition in the best interests of our clients, employees and vendors.
“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.
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with nearly 1,000 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.