July 2021
Source Capital, through its first SBIC fund, is pleased to announce its investment in a West Coast-based, leading appraisal management company (the "Company"), focused on providing mortgage lenders with statutorily required valuation products, workflow software, and related information and network management services. The fund supported the acquisition of the Company by a private equity sponsor, providing debt and equity co-investment financing to support the transaction.
Headquartered in California, the Company is nationally licensed appraisal management company ("AMC") with a leading position in the Western US and a focus on providing statutorily required valuation products, workflow software, and related business services to residential mortgage lenders. The Company has a robust, internally built proprietary software and strong reputation for delivering best in class service, which have led to impressive new and existing customer growth over the last few years. The Company is one of a small group of independent appraisal management companies with a national appraiser network of over 9,000 appraisers, proprietary web-based workflow and enterprise management systems (developed and managed in-house) and a track-record of successfully serving many of the largest independent mortgage lenders in the country.
"The Sponsor brings extensive AMC knowledge, relationships, and experience, both strategic and operational, to the Company, and we look forward to supporting the business during its next phase of growth," said Ben Emmons, Managing Director at Source Capital.
About Source Capital, LLC
Source Capital is a private investment firm focused on providing flexible equity and debt capital to lower middle-market companies across a range of industries. Source Capital's investment strategy targets growing companies with greater than $2 million in EBITDA seeking a growth-oriented partner. Since its founding in 2002, Source Capital has made 23 equity platform investments, 44 add-on acquisitions and 35 debt investments through three separate credit funds. To learn more about Source Capital or to discuss a new equity or debt investment opportunity, please reach out to a member of our investment team.