Texas Title Company Acquires Competitor
|September 21, 2010|
Furthering its strategy of becoming a statewide provider of residential and commercial title and closing services, Excel Title Group announced the acquisition of Ameristar Title Co., a privately-held, independent title agency, with headquarters in Southlake, Texas.
The acquisition combines the technology-driven, processed managed, title production capabilities of Ameristar Title with Excel Title Group's seasoned management team of title professionals, with roots in the Texas title industry tracing back to 1962. The collective strength and stability gained from this union will empower Excel Title Group to focus on providing customers with a title and closing experience that will be unparalleled in the industry.
"The completion of this transaction represents a significant step for Excel Title in our strategy to accelerate our growth and improve our production capabilities within our core title insurance business,” said Scott Luna, chief executive officer of Excel Title Group. “It has been a long-standing belief that we could accomplish these goals through acquisitions, but, until now, we were not able to identify a candidate that met all of our criteria. After meeting and spending time with Errol Housmans, the chief executive officer and president of Ameristar Title, we immediately realized we had found what we were looking for. The passion and vision of Mr. Housmans made it easy to see that the company he built, Ameristar Title, would fit perfectly within our own corporate philosophies."
Excel Title will locate its corporate office in Southlake, Texas. The agreement to purchase Ameristar Title specifies that every employee would have the opportunity to continue with Excel Title. Financial terms of the acquisition were not disclosed.
Ameristar Title is a wholly-owned subsidiary of American Pacific Industries LLP. Excel Title is licensed in 15 counties, representing nearly every metropolitan area in Texas. The company has coverage to serve more than 65 percent of the state's population. Excel Title underwriters include Fidelity National Title Insurance Co., First American Title Insurance Company and Old Republic National Title Insurance Co.