We all know that in August Quicken Loans went public, making Dan Gilbert one of the richest people on the planet. On the heels of that stellar success story, now the story of United Wholesale Mortgage, also known as United Shore Mortgage and its leader, Mat Ishbia.
Tune in to this morning’s WJR Business Beat to hear more on this local success story:
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“A big win for Mat Ishbia and his team, no doubt, but also a huge win for our region, as well, as we claim another very notable public market front page success story from a company born and grown right here in Southeast Michigan. Congratulations, Mat Ishbia!”
– Jeff Sloan
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Good morning, Kevin.
When you think “Detroit business,” you think autos, right? Maybe pizza. Ford, GM, Chrysler, Domino’s, Little Caesars. Well, how about mortgages? Detroit now has two front page worthy companies making waves in the mortgage space and setting a new standard for how businesses are started, grown and how the founders can cash in, in a very big way.
We all know that in August Quicken Loans went public, making Dan Gilbert one of the richest people on the planet, 34th by most estimations, and on the heels of that stellar success story, now the story of United Wholesale Mortgage, also known as United Shore Mortgage and its leader, Mat Ishbia.
Well, here it is, big deal in the works. The deal values the Pontiac-based wholesale mortgage lending company at about 16.1 billion as it will merge with an already public shell company known as Gore’s Holdings IV Inc., and is sponsored by Los Angeles-based private equity fund, The Gores group, LLC. This type of company is referred to as a special purpose position company or SPAC, and has become a very popular way to go public, because it is a faster path to market and costs much less and fees to execute the IPO
Ishbia, along with other owners, will control 94 percent of the newly public company. The 40 year old Ishbia, who over the family business in 2013, will soon rank among the nation’s super rich. Ishbia’s stake in UWM will be around 70 percent of the newly public company and he’d be worth around 11.3 billion, making them the 51st richest person in the U.S. and the second richest in the state of Michigan, behind only Dan Gilbert, according to an analysis by Bloomberg.
A big win for Mat Ishbia and his team, no doubt, but also a huge win for our region, as well, as we claim another very notable public market front page success story from a company born and grown right here in Southeast Michigan. Congratulations, Mat Ishbia!
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
