A Wilmington association management firm has merged with a South Carolina counterpart, according to an announcement Thursday.
Community Association Management Specialists (CAMS) is expanding its business by merging with Benchmark Management Group, a North Myrtle Beach-based association management company.
By joining with Benchmark, CAMS will be serving 365 associations, which amounts to more than 50,000 homes, now including about 10,000 in the greater Myrtle Beach area. In South Carolina, Benchmark Management Group will now be called BenchmarkCAMS.
“CAMS and Benchmark have long been respectful competitors and I have always been impressed by Benchmark’s outstanding local reputation. I am excited for this growth opportunity and to bring CAMS’ community association management capability and expertise to the Myrtle Beach market,” said CAMS owner Mike Stonestreet, who founded the company in Wilmington in 1991, in a news release.
Also as a result of the merger, the company has 130 staff members. The announcement said that the merger "provides each association with the personal attention and management experience it deserves whether it be a POA, HOA, Condo Association, Community, Commercial association or Marina Community."
In 2003, CAMS merged with Dave Sweyer's community association management company.
"In general, our industry is maturing, therefore there is industry consolidation. You have larger players emerging," said Sweyer, co-owner and CEO of CAMS, on Thursday.
That can help lead to more efficiency, he said.
"The concept of growing the business through acquisitions does lend itself to a bigger, stronger company," Sweyer said.
In the Cape Fear region, some of the larger communities for which CAMS provides association management services include Mayfaire, Brunswick Forest and Porters Neck Plantation. While the CAMS corporate office is located in Wilmington, 1612 Military Cutoff Road, the company has regional offices in Brunswick County, Charlotte, Morehead City and North Myrtle Beach, as well as many on-site offices in New Hanover, Onslow, Wake and Mecklenburg counties; Waverly, Georgia; and Horry County, South Carolina.
