WFG Acquires West Coast Retail Title Operations from Doma
May 23, 2023
Williston Financial Group has finalized an agreement to acquire certain branches of Doma Holding’s West Coast local retail title operations. The sale includes 22 retail title locations and operations centers in the Northern and Central California regions.
Doma will receive up to $24.5 million for the sale of the assets. This includes $10.5 million WFG paid upfront when the deal closed on May 19. Doma stands to receive up to $14 million in additional earnout next year. According to an SEC filing, the branches involved in the transaction generated $37 million in revenue and employed 123 people.
“We are thrilled to extend our California market reach through this acquisition, as it will significantly enhance our ability to serve the needs of our customers in these key growth regions,” said WFG Chairman and Founder Patrick Stone. “Since day one, our vision for WFG has been to eliminate friction, increase transparency and deliver a superior experience for our real estate, lender and title agent customers, as well as for the consumers we all serve. These new members of the WFG team share this vision, and we are extremely eager to join forces with them to enhance the customer experience in some of the nation’s strongest housing markets.”
This transaction follows Doma’s announcement on its first quarter 2023 earnings call that it had been conducting a review of the business over the last several months to evaluate the optimal organization structure to successfully deliver on its mission to make homebuying more affordable and to maximize shareholder value.
“This strategic transaction is aligned with our mission-driven go-forward strategy and refined focus on our core underwriting and technology business,” said Max Simkoff, Founder and CEO of Doma. “Our West Coast operations are premier locations within their respective real estate communities with a track record of providing excellent customer service. We believe we have found an optimal home for our Local team members in the branches we have sold to WFG and they will continue to thrive under their leadership. I want to thank this team for their hard work and dedication to Doma and our vision over the years.”
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