NovaStar has new name & stock symbol: Branding & marketing could be next
Steve’s breakdown: When ever a company changes its name, it’s either a good thing or a bad thing. In this case it’s good and that means there could be some work for an ad agency who wants to help them along.
KANSAS, CITY, MO: NovaStar Finanical Inc. has taken a new name, Novation Companies Inc.
The switch reflects the company’s move from a mortgage lender to a collection of businesses.
Novation owns StreetLinks LLC, a residential appraisal company; Advent Financial Services LLC, which provides financial services to tax preparers; and Mango Moving LLC, which provides residential moving services.
The group employs 453.
By changing its name, Novation takes a step further from its days as a subprime mortgage lender. The subprime mortgage industry collapsed with the decline in the housing industry and the onset of the financial crisis.
NovaStar ended its mortgage business in 2008, but a few individuals held on to keep the company alive.
It now seeks to buy businesses that have a good idea but need help executing it. Novation said it provides that help by taking control of the business’ operations and providing technology, sales and marketing, and training services.
Novation shares will trade under the stock symbol NOVC beginning Friday, instead of NOVS. The stock gained 3 cents Thursday and closed at 70 cents.