NEW YORK CITY—Owned since 2011 by a group led by Ranieri Partners and WL Ross & Co., Situs has agreed to be acquired by funds managed by private equity firm Stone Point Capital LLC. Terms of the deal were not disclosed; the Wall Street Journal on Monday said Stone Point is paying about $200 million, in line with published estimates of locally based Situs' worth when Ranieri put the global advisory, asset management and loan servicing firm up for sale last fall.

The company that Greenwich, CT-based Stone Point is buying has underwritten about $125 billion of commercial real estate deals in the US and in Europe since 2012, the WSJ reported. Since its founding in 1988, Situs has evaluated more than $1 trillion in CRE and resolved more than $50 billion in distressed assets. Currently it has over $100 billion of assets under management

“We have known Situs and its management team since 2010 and are delighted to be partnering with them,” says Chuck Davis, Stone Point's CEO. “With its diverse capabilities, strong track record and blue-chip client base, Situs is well positioned for growth as the market increasingly utilizes outsourced CRE services.”

As part of the transaction, Situs president Steve Powel will become CEO after the acquisition closes, leading the firm through its next phase of development. Powel says that in view of “the current solid market conditions in our industry,” he's looking forward to leading the Situs executive management team “through this galvanizing high-growth stage.”

Over the past year, Situs has bolstered its presence both domestically and in Europe, where it says it's among the largest third-party loan servicers. Last February, it acquired Real Estate Research Corp. in New York City, while in October it tapped London-based Tim Keast to lead a new division that will focus on due diligence and risk advisory for residential, consumer, SME and other structured finance products.