Capital Title Group Completes $28 Million Acquisition of Nationwide Appraisal Services
May 3, 2004
SCOTTSDALE, Ariz., Capital Title Group, Inc. (Nasdaq: CTGI) -- has completed its previously announced acquisition of Nationwide Appraisal Services, Inc. (Nationwide), which expands the company's presence in the title insurance industry from its position as a regional leader in the Southwestern market to being a national market company with added services. Nationwide recorded revenue of $44.8 million for year 2003 and pre-tax earnings of $5.4 million. Approximately 56% of Nationwide's revenue comes from appraisal services with the balance related to title and settlement services. Under the terms of the agreement, approved by the Board of Directors for each company, Capital Title paid $25 million in cash, of which Comerica Bank provided financing of $16 million, with $3 million in deferred cash consideration payable if certain conditions are satisfied after the closing of the transaction. Miller Capital Corporation acted as merger and acquisition advisor to Capital Title Group.
Sourec: Capital Title Group, Inc.