Capital Title Group Enters Las Vegas Market With Acquisition of Land Title of Nevada
|January 6, 2003|
PHOENIX, /PRNewswire-FirstCall/ -- Capital Title Group, Inc. (Nasdaq: CTGI - News) -- a regional title agency, title insurance underwriter and provider of real estate-related services, announced today that its wholly owned subsidiary, Nations Holding Group (Nations) headquartered in California, has acquired Land Title of Nevada, Inc. This entry to the Nevada market will further leverage Nations' service as a licensed title insurance underwriter through its subsidiary, United Title Insurance Company. The value of the transaction is approximately $3.5 million including cash of $1.25 million and a five-year note issued to the seller for $2.25 million.
" The Land Title acquisition is an excellent transaction on a stand-alone basis, but it also confirms our commitment to expansion of our core operations. Annual revenue for Land Title is in excess of $9 million and operations will continue under their long established name in the Nevada market," stated Donald R. Head, chairman of the board, president and chief executive officer. "With Nevada's concentration of high growth in Clark County, which encompasses Las Vegas, we have long held a desire to include this market as part of our regional territory. In addition, Nevada is a natural direction for expansion both strategically and geographically for our Arizona and California operations."
Jerome (Jerry) M. Smolar, chief operating officer of Nations stated, "We have known the principals of Land Title for a long time and have great respect for this well run operation with a 26 year history in the Nevada market. The acquisition includes ownership in a joint title plant and five branch offices in key locations. Our services as a licensed title insurance underwriter are a good enhancement to Land Title's existing operations. We are excited to be entering a market that offers significant growth opportunities for Nations."
Headquartered in Phoenix, Arizona, Capital Title Group, Inc. provides title insurance and other related services to residential and commercial customers in the real estate industry through its subsidiaries -- Capital Title Agency, Nations Holding Group, New Century Title Company, United Title Company, First California Title Company, Land Title of Nevada and AdvantageWare -- with 121 offices in Arizona, California and Nevada. The Company is also licensed to issue and underwrite title insurance policies in Arizona, California and Nevada through United Title Insurance Company, a subsidiary of Nations Holding Group. The combined companies have in excess of 1,700 employees.
Source: Capital Title Group, Inc