Nationwide Property and Appraisal Services, one of the nation’s largest independent appraisal management companies, is under new ownership.
On Feb. 1, global investment firm Arcapita Group Holdings announced that it would be assuming “significant controlling interest” of the company. Nationwide serves mortgage lending institutions across all 50 states from funds associated with Corridor Capital, LLC, a lower middle-market private equity firm.
Corridor will partner with Arcapita and Nationwide to retain an ownership stake in Nationwide, according to an Arcapita statement. Further terms were not disclosed.
“We are extremely pleased to have completed the acquisition of Nationwide,” said Arcapita CEO Atif Abdulmalik in a statement.
Arcapita is an alternative asset manager with a total transaction value above $31 billion across more than 90 investments. The firm’s management team has completed over $15 billion in US private equity investments over the past 24 years.
“This investment is a good fit for our U.S. private equity investment strategy, which is focused on acquiring asset-light business services and logistics companies and also allows us to bring to bear our deep expertise in global real estate,” Abdulmalik added.
Arcapita indicated that Nationwide’s cash generation, experienced management team, and U.S. client base were major selling points that added to the company’s appeal.
Nationwide has a network of over 15,000 licensed appraisers and serves a client base that includes more than 100 blue-chip lenders and 21 of the top 25 wholesale lenders in the U.S.
The company has tripled in size over the past five years through five add-on acquisitions, which have also led to more than 14% revenue within that timeframe. Nationwide management estimates revenue and an adjusted EBITDA of $144 million and $15 million, respectively, in 2021.
“Nationwide is extremely pleased to be partnering with Arcapita, a leading alternative asset manager partner, that shares a mutual vision for the future and will support Nationwide in continuing to build on its core strengths of customer service, purposeful acquisitions, and technology investment,” said Nationwide CEO, Sri Velamati. “This next chapter in Nationwide’s story will yield truly industry-altering change for everyone.”
Jordan Grice is RISMedia’s associate online editor. Email him your real estate news ideas to jgrice@rismedia.com.
