Business is booming.

Arcapita Group takes control of Nationwide Property and Appraisal Services

Arcapita CEO Atif Abdulmalik said the firm was attracted by Nationwide’s highly generative cash business, experienced management team, and a strong base of clients across the country.

“Close to 50% of Nationwide’s customers have maintained their relationship with the company for over six years, highlighting the longevity of its customer relationships, and the company benefits from a free cash flow conversion rate of over 99%,” he said.

Read next: United Wholesale Mortgage offers free home appraisals

“With appraisals being a regulatory requirement for mortgages for new home purchases, refinancing, and foreclosures, the $7.5 billion real estate appraisal services market has cumulatively grown by 32% since 2008,” said Neil Carter, managing director and head of US private equity at Arcapita. “Nationwide is a leader in this sector and is well-positioned to accelerate organic growth, drive efficiency and achieve margin improvements through its tech-enabled platform, and continue to complete accretive acquisitions.”

“Nationwide and its partners share the genuine goal of becoming a true leader in the appraisal management services industry that serves the interests of both its lender clients and appraisal vendors through the adoption of best-in-class service models and investment in technology to streamline the appraisal process,” said Nationwide chief executive Sri Velamati. “This next chapter in Nationwide’s story will yield truly industry-altering change for everyone.”

Source link

Comments are closed, but trackbacks and pingbacks are open.