reQuire provides settlement companies and real estate attorneys with an automated means of tracking and releasing property liens after settlement, ensuring any previous liens are fully repaid and properly removed from court records. The company was founded in 2002 by Daniel Morris and is based in Virginia Beach, VA (www.titletracking.com).
“reQuire’s patent-pending process provides a unique opportunity to redefine lien release compliance in all residential real estate transactions,” said Bob Levine, Managing Partner of L2 Capital. “Unreleased liens create headaches for all parties involved, and the number of liens that remain unreleased a year after a residential closing is astounding. We are looking forward to supporting organic and external growth through further penetrating the US market and leveraging the company’s defensible market position with additional products and services.”
L2 Capital invests in privately-owned manufacturing, service and distribution companies with revenues of $10 million to $75 million and valuations of up to $50 million. The firm has over $50 million in available capital and invests from $1 million to $10 million in each transaction. L2 Capital is headquartered in the Philadelphia suburb of Radnor, PA (www.L2Capital.net).
“Bob Levine and the entire L2 Capital team are the perfect match for reQuire. Their experience, contacts and resources, as well as their hands-on operational and strategic support constitute an unbeatable investment partnership. We could not be better suited for accelerated growth,” said Daniel Morris, CEO of reQuire.
Farragut Capital Partners (www.farragutcapitalpartners.com) invested subordinated debt and equity to support the acquisition of reQuire by L2. “We’re pleased to partner with reQuire CEO Daniel Morris and L2 on this transaction,” said Javier Aguirre, Partner of Farragut. “reQuire simplifies the lien tracking process in hundreds of thousands of transactions every year, and we’re excited to work with L2 as they help to introduce this compelling service to a wider audience.”
Boxwood Partners, a merchant bank based in Richmond, VA (www.boxwoodpartnersllc.com), acted as the exclusive advisor to reQuire. The transaction was led by Managing Directors Patrick Galleher and Bobby Morris as well as Associate Brian Alas. “reQuire’s industry-leading platform simplifies a complicated process for all stakeholders of a real estate transaction,” said Mr. Galleher. “The management team of reQuire has shown the ability to execute the company’s growth strategies and is well positioned to continue that growth with L2 as their new partner.”
© 2014 PEPD • Private Equity’s Leading News Magazine • 2-26-14