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Terwin Buys Hanover's Due Diligence Business.(Hanover Capital Mortgage Holdings, Terwin Acquisitions)(Brief article)
EDISON, NJ -- Hanover Capital Mortgage Holdings here has sold its due diligence assets to Terwin Acquisitions, which does business as The Winter Group.
With the sale of assets from its Hanover Capital Partners 2 division, Hanover said it is exiting the business of providing due diligence services to the financial services industry.
HCM said the sale price was $1.2 million, subject to further post-closing adjustments, but Hanover expects to realize approximately $4.7 million in cash from the transaction after the collection of receivables retained by Hanover in the deal.
HCM said it will still use the name Hanover Capital Partners 2, and plans to continue to perform certain financial and technology functions through this entity.
In a news release, HCM's president and CEO, John Burchett, said the sale "is the concluding step in achieving our long-stated goal of reducing the significance of our non-REIT businesses and focus on our portfolio ...
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Source: HighBeam Research, Terwin Buys Hanover's Due Diligence Business.(Hanover Capital...