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Industry News

Inspectech Acquires Florida Home Inspection Company

April 12, 2002

Acquisition Provides Foothold in Key Florida Markets

ATLANTA, /PRNewswire-FirstCall/ -- Inspectech, a division of LandAmerica Financial Group, Inc. (NYSE: LFG) has acquired Federal Building Inspections, Inc., Florida's largest home inspection firm.

Inspectech, headquartered in Atlanta, Georgia is currently the nation's second largest home inspection company providing commercial and residential inspections throughout California and New Jersey.

"The acquisition in Florida allows us to gain a significant foothold in one of the country's hottest real estate markets," said Revell Fraser, who heads the inspection division for LandAmerica Financial Group. "This acquisition is consistent with our commitment to build a solid, reputable firm that can deliver real value to both real-estate professionals and consumers."

Located in Boca Raton, Florida, Federal Building Inspections has performed more than 38,000 residential and commercial inspections in West Palm, Broward and Dade counties, and offers a combined 150 years experience in the home inspection industry.

Federal Building Inspections President Everett Rawlings will remain with the firm as the Florida Executive and will assist in the development of Inspectech's expansion strategy. Rawlings is a past president of the Florida Association of Building Inspectors and the Home Inspectors Association of Florida. He is also a past secretary/treasurer of the National Association of Home Inspectors and a past director of the American Society of Home Inspectors.

"By joining Inspectech we are able to leverage their technology and professional infrastructure to raise the bar on service quality in the home inspection industry, " said Rawlings. "Without doubt, their commitment to professional development, technology, and backing by one of the largest title insurance companies in the country should give our customers peace of mind that is unheard of in this business."

"Federal Building Inspections has an impressive record of serving clients in the South Florida area and we welcome their team of experienced inspectors to Inspectech," said Fraser. There are no major staffing changes planned as a result of the acquisition and a name change is expected by year-end.

Source: LandAmerica Financial Group, Inc.

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