Capital Title Group Broadens Geographical Service Area
November 8, 2004
Subsidiary CTG Real Estate Services Acquires Estate Appraisal Services, Inc
SCOTTSDALE, Ariz., /PRNewswire-FirstCall/ -- Capital Title Group, Inc. (Nasdaq: CTGI) is a national provider of transaction services to the real estate and mortgage lending industries providing services as a title agency, title insurance underwriter and source for real estate-related services. Capital Title Group announced today that the assets of Real Estate Appraisal Services, Inc. (REAS), a wholly owned subsidiary of Charter One Bank, were acquired on November 1, 2004 through CTG Real Estate Information Services, a subsidiary of Capital Title Group. Miller Capital Corporation acted as financial advisor to Capital Title Group on the transaction.
REAS, a 27 year-old appraisal service company located in Cleveland, Ohio, is an experienced provider of appraisal and flood determination services for residential and commercial property primarily in 34 counties in five states. It has regional offices in Illinois, Michigan and New York, and had unaudited revenue of $33.6 million for the year ended December 31, 2003.
Donald R. Head, chairman, president, and chief executive officer stated, "This asset purchase, which will be accretive to earning, was completed without the issuance of common stock of Capital Title Group. The purchase price was primarily in the form of discounted fees for future appraisal services to be provided by REAS to the seller for a period of three years.
"This is a win-win transaction for all parties; our shareholders, Charter One Bank and REAS employees who are now part of one of the fastest growing public companies in the United States," Head concluded.
Source: Capital Title Group, Inc.