LandAmerica Expands Southern California Operations with Acquisition of Southland Title
|January 7, 2004|
Richmond, Virginia ─ LandAmerica Financial Group, Inc. (NYSE: LFG) has signed a definitive agreement to purchase County Title Holding Corporation, the parent company of Southland Title Corporation, Southland Title of Orange County, Southland Title of San Diego, and Southland Title Equities (Southland Title), subject to regulatory approvals and other closing conditions. Southland Title is California’s largest independent title and escrow company. This follows LandAmerica’s October acquisition of Gateway Title in Southern California.
Headquartered in Burbank, California, Southland Title was formed in 1985 and operates in six counties including Los Angeles, Orange, Riverside, San Bernardino, Ventura, and San Diego. It has approximately 30 title and escrow offices and 670 employees in those offices. The company had revenue from title and related operations of almost $100 million for 2002. Southland Title’s senior management team will remain in place to run operations going forward.
“We are extremely pleased with the opportunity to join LandAmerica, a company that shares our commitment to superior service and integrity,” says David Cronenbold, Jr. President and Chief Executive Officer of Southland Title. “Thanks to this alliance, we’re now in a position to provide our clients and associates with a broader spectrum of services and resources.”
Ted Chandler, President and Chief Operating Officer of LandAmerica, is enthusiastic about the acquisition. “LandAmerica is delighted that Southland Title is joining us fully after many years of partnering with us as an agent. They bring strong management talent to our leadership table, as well as a solid service ethic, market presence, and awareness.”
Source: LandAmerica Financial Group, Inc.