Nationwide Property & Appraisal Services, a portfolio company of Corridor Capital, has acquired Elliott & Company Appraisers.
Elliott is a provider of valuation services for commercial properties and title insurance claims. In addition, the company manages the appraisal process for credit unions, banks and other residential mortgage lenders throughout North Carolina and the broader Southeastern US. The company was founded in 1980 by Charlie Elliott and is headquartered in Greensboro, NC (www.elliottco.com).
Post-closing, Mr. Elliott will remain with Nationwide as a consultant and Elliott’s Vice President and General Manager Carlyle Holt will manage the Elliott business unit and support Nationwide in the delivery of new valuation products and services.
Nationwide is a national appraisal management and valuation services company for mortgage lenders, servicers and related real estate services companies throughout the US. The company was the first licensed, independent Appraisal Management Company (AMC) following the 2007 financial crisis. AMCs are independent entities through which mortgage lenders order residential real estate valuation services for properties on which they are considering extending loans to homebuyers. AMCs fulfill an administrative function in the appraisal process, including selecting an appraiser and delivering the appraisal report to the lender. Individual appraisers who work for AMCs provide the actual property valuation services. According to Nationwide, it is a preferred partner for more than 20,000 loan officers, 400 different lending institutions and 7,500 independent appraisers throughout the country. Nationwide, led by CEO Andrew Lazev, is headquartered in Gibbsboro, NJ (www.onestopappraisals.com).
The buy of Elliott & Company is the third add-on acquisition for Nationwide under Corridor Capital ownership which began in December 2016. The two earlier add-ons were the March 2019 buys of Chaska, MN-based Guideline Real Estate Services, and Overland Park, KS-based OrderPro USA. The annual revenues for Nationwide have doubled as a result of these three add-on acquisitions.
“We are extremely pleased to have Elliott join the Nationwide family. As was the case with Nationwide’s recent acquisitions of Guideline and OrderPro, Elliott brings to Nationwide a deep understanding of and leadership in its market niche and offers all its stakeholders exceptional quality, customer service and a commitment to investing in the future of valuation services,” said Cameron Reilly, a managing director with Corridor. “We look forward to working with Elliott’s management team and supporting Nationwide in its next phase of growth.”
Corridor Capital makes control investments in mid-market companies with EBITDAs of $2 million to $8 million. The firm invests across many sectors but has specific interest in specialty manufacturing, business services, healthcare services, technology services, and financial services. Corridor Capital is based in Los Angeles (www.corridorcap.com).
© 2019 Private Equity Professional | August 13, 2019