Company description::
WOODLAND HILLS, California, December 11, 2003. – Oakmont Mortgage announced today that an experienced investor group led by CIVC Partners and Bill Dallas purchased the company. With over $570 million in total originations in 2002 and over $1 billion in total originations during the first eleven months of 2003 through its seven regional lending centers throughout the United States, Oakmont is an industry leader in non-agency residential lending. John Wise, Oakmont’s senior vice president of production, commented on the transaction, “The combination of the existing market conditions and what the new buyers bring to the table in capital and leadership make this the right time and the right solution for our employees. All of us in the Company give great respect to my father for the foundation of success that he created and we are excited to build on that foundation.”
CIVC Partners, management, and a group of private investors led by Bill Dallas invested in Pitchfork LLC for the purposes of acquiring Oakmont Mortgage from Jack Wise, industry veteran and founder of Oakmont Mortgage. Bill Dallas will become Chairman, President and CEO of Oakmont and previously co-founded First Franklin in 1981. Mr. Dallas, who is also Chairman of MindBox LLC and Sysdome Corporation, is ecstatic about the opportunity to assemble the right team, technology, and innovative products to achieve Oakmont’s vision of becoming a leading conduit specializing in wholesale non-agency residential lending. Dallas stated, “Oakmont is a tremendous platform for three reasons: first and foremost, it is local to our management team and because of its southern California location we can attract talent to the company; second, the company wants to become a nationwide lender that fits perfectly into our vision, and finally, its focus on originating non-agency purchase money products matches our goal of becoming the leading provider in the industry.”
Dallas is teaming up once again with Chicago based CIVC Partners to complete the transaction. CIVC previously partnered with Dallas in 1996 to purchase First Franklin, which then successfully refocused its strategy around non-agency purchase money mortgages. The financial services sector is a primary investment focus for CIVC, and the investment in Oakmont marks their return to mortgage banking, a segment in which they have successfully invested. “Our 30+ years of experience in private-equity investing has reinforced a fundamental principle that success in private-equity investments starts with partnering with the best management possible. Bill Dallas is a visionary and results-oriented leader, who has assembled an exceptional team comprised of industry veterans as well as proven executives already at the helm of the company. These qualities are hard to find and that is why we are excited about backing Bill and his team again,” said CIVC partner Keith Yamada.
Bruce Dickinson, Chief Operating Officer, John duHadway, Chief Financial Officer, and LesLee Delaney, VP of Production will be joining the company after closing; John Wise will continue as SVP of Production, Michael Wise as SVP of Secondary Marketing and Bryan Thompson as VP of Finance. “I am very excited to join the team and what a great opportunity to grow a profitable, well run enterprise into a nationwide provider of innovative mortgage solutions for our customers. Looking to the future, I know a company built on innovation, with a priority on people and a bias toward action, will be a place that really matters to our stakeholders,” says Dickinson, a 22 year industry veteran. For all these reasons, there is excitement brewing in Woodland Hills, California…Oakmont’s home.
CIVC Partners manages $1.3 billion in capital on behalf of its limited partners, including Bank of America. CIVC Partners focuses on leveraged buyouts and growth equity investments in the financial services, business services, media and communications, and industrial growth sectors. CIVC's investment in Oakmont is a continuation of its financial services investing focus, and in particular the experience gained from its investment, together with Dallas in First Franklin, a leading non-agency mortgage originator. Other financial services investments made by CIVC Partners include AF&L Insurance, Inc., Factual Data Corporation, Financial Guaranty Insurance Company (FGIC), Management Compensation Group, Northwest, Inc., Sunbelt National Mortgage Corporation, and Wintrust Financial Corporation.
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