Summit Park has acquired Exacta Land Surveyors, a provider of land surveys used to facilitate residential and commercial real estate transactions.
Exacta’s products include land surveys, utility/municipal lien searches, elevation certificates, and estoppel reports. The company’s customers include title insurance companies, mortgage lenders, attorneys, homebuilders, real estate brokers, and homeowners. Exacta operates in six states, including Ohio, Illinois, Florida, Maryland, Virginia, and Texas, and provides services to assist customers in procuring surveys outside of these states. Exacta, led by CEO Timm Kalep, is headquartered in Cleveland, OH (www.exactasurvey.com).
“We are excited to partner with the founders and Exacta leadership team to build on the company’s historical success,” said Bob Calton, co-founding partner of Summit Park. “We believe Exacta is well-positioned to capitalize on its market leadership within the large and highly fragmented survey and field management services industry. Further, we are confident that Summit Park can provide the resources to enable Exacta to optimize its operational processes, increase existing market penetration, expand geographically, and accelerate growth.”
Summit Park invests in lower middle market companies that have operations primarily based in the Eastern half of the US and have revenues between $20 and $100 million and EBITDAs between $4 million and $12 million. Sectors of interest include business and consumer services, light manufacturing and value-added distribution. Summit Park was co-founded by partners Bob Calton and Jim Johnson in 2006 and is headquartered in Charlotte, NC (www.summitparkllc.com).
The buy of Exacta is Summit Park’s second investment through its third fund, Summit Park III LP, which closed in August 2018 with $245 million of capital commitments. The new fund exceeded its original target of $200 million. Summit Park’s earlier fund closed in April 2015 with $118 million of capital commitments.
Stellus Capital Management (www.stelluscapital.com) provided debt financing for the transaction.
Exacta was represented by EdgePoint Capital Advisors, a Beachwood, OH-based investment banking firm (www.edgepoint.com).
© 2019 Private Equity Professional | February 22, 2019