GMACCH calms staff

HORSHAM, PA: Though GM just finalized its sale of 78% of GMAC Commercial Holding Corp. to an investor group, GMACCH has been talking to its employees about the deal for months, including how it will affect management.

HORSHAM, PA: Though GM just finalized its sale of 78% of GMAC Commercial Holding Corp. to an investor group, GMACCH has been talking to its employees about the deal for months, including how it will affect management.

Joyce Patterson, SVP of communications at GMACCH, said its communications around the acquisition were handled largely in-house with support from AOR MS&L.

She added that the relationship with MS&L would continue, as GMACCH prepares to formally change its name to Capmark Financial Group in the second quarter of this year.

The deal, signed last August and consummated last week, puts control of GMACCH in the hands of Kohlberg Kravis Roberts & Co. (KKR), Five Mile Capital Partners, and Goldman Sachs Capital Partners.

GMAC sold majority equity of the 12-year-old subsidiary to the group in exchange for more than $1.5 billion in cash.

KKR is handled by Kekst & Co., which took part in the deal.

"Since August, we've had employee updates, primarily from CEO Robert Feller," Patterson said. "It is too soon to speculate about staffing changes."

CORRECTION: This story originally incorrectly asserted that no staffing changes were anticipated. Actually, Joyce Patterson, SVP of communications said "it is too soon to speculate about staffing changes."

The story asserted that CEO Bob Feller's updates to employees reassured them that there wouldn't be management changes. Actually, the updates supplied information on the status of the transaction, including announcements of management changes. Finally, Kekst & Co. did represent KKR in the acquisition.


 

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