TURK & COMPANY ANNOUNCES ACQUISITION OF TRIDENT ABSTRACT TITLE AGENCY, LLC BY OCEANFIRST FINANCIAL CORP.

Rhea-AI Summary

OceanFirst Financial Corp. (NASDAQ: OCFC) has signed an agreement to acquire a majority interest in Trident Abstract Title Agency, LLC, with plans to fully acquire the company later. The transaction, which is valued as a significant milestone, is expected to close on March 1, 2022. Following the acquisition, Trident will function as an independent subsidiary. This move reflects OceanFirst's strategy to enhance its service offerings in the title industry, leveraging Turk and Company's expertise in title agency transactions.

Positive

• Strategic acquisition of Trident Abstract Title Agency to expand service offerings.
• Trident to operate as an independent subsidiary, allowing for focused operations.

Negative

• None.

DENVER, Feb. 4, 2022 /PRNewswire/ -- Turk and Company, announced today that its client OceanFirst Financial Corp. (NASDAQ:"OCFC"), the holding company for OceanFirst Bank N.A. has signed an agreement to acquire a majority interest in Trident Abstract Title Agency, LLC ("Trident") with the right to acquire 100%. The transaction is expected to close on March 1, 2022. Upon closing, Trident will operate as an independent subsidiary of the Company. Turk and Company served as the exclusive investment banker to OceanFirst.

TURK & COMPANY ANNOUNCES ACQUISITION OF TRIDENT ABSTRACT TITLE AGENCY, LLC
BY OCEANFIRST FINANCIAL CORP.

"This is a milestone achievement for our team and highlights our growing practice as financial advisors to public companies who seek title expertise as part of Investment Banking," said Howard Turk, Founder and Managing Director of Turk and Company.

Turk & Co is a real estate industry M&A firm with global reach that specializes in evaluating, buying and selling title agencies, underwriters and ancillary businesses. The Turk & Co team is comprised of seasoned Investment Bankers as well as experienced Title Professionals who have built and sold agencies themselves. Turk & Co is involved in more title agency transactions than any other independent Investment Bank in the country.

Investment Banking Services and Securities offered through Independent Investment Bankers Corp., a broker-dealer, Member FINRA/SIPC. Turk & Company is not affiliated with Independent Investment Bankers Corp.

Company Contact:
Howard Turk
Managing Director
Turk & Company
310 294 9199
Howard.Turk@Turkandco.com

 

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SOURCE Turk & Co.

FAQ

What is the purpose of OceanFirst Financial's acquisition of Trident Abstract Title Agency?

The acquisition aims to enhance OceanFirst's service offerings in the title industry.

When is the acquisition of Trident expected to close?

The acquisition is expected to close on March 1, 2022.

What will be the status of Trident after the acquisition?

Trident will operate as an independent subsidiary of OceanFirst Financial.

What is the significance of this acquisition for OceanFirst Financial?

This acquisition marks a milestone for OceanFirst in expanding its expertise and footprint in the title agency sector.

Who facilitated the acquisition of Trident Abstract Title Agency for OceanFirst?

Turk and Company served as the exclusive investment banker for OceanFirst in this transaction.