NWP Services Corporation Acquires Vertex Multifamily Services Division
- May 25, 2010
Irvine, Calif.—NWP Services Corporation today announced the acquisition of Multifamily Services Division (CBSI) from Vertex Business Services, a Tampa, Fla.-based provider of billing, energy management and meter installation and maintenance services to multifamily housing communities and commercial real estate properties.
Terms of the agreement were not publically disclosed.
“Our goals are for a seamless transition of the customers that were previously on CBSI to NWP’s platform, paying attention to continuing business so there are no service issues on the part of mutual customers, and to expand NWP’s overall customer base to the point where we have achieved industry leadership,” Mike Radice, president and CEO of NWP, tells MHN.
NWP’s services are said to increase asset values of multifamily properties. Using NWP’s billing service and utility cost recovery “allows managers to efficiently manage this area of their business in a way that increases NOI,” Radice asserts. He also points out that the company has performed resident surveys and has found that residents see an increase in service levels provided by NWP, thus minimizing resident turnover at these properties.
The company now has business in 45 states, and Radice says, “We will be continuing with an aggressive acquisition program into the foreseeable future. Our company has been backed with sufficient capital to be able to do a creed of acquisitions and to the degree that we can find quality companies, this is a continuation of an acquisition strategy that we tested out a year ago with ViaStar Energy in Indiana.”