ABS Capital Partners has led a $55 million equity investment in Accurate Group Holdings. Evolution Capital Partners is the seller and has exited Accurate Group. Charlotte, N.C.-based Accurate is an outsourced provider of real estate transaction services to mortgage lending and loan servicing clients.
Evolution Capital Partners LLC (“Evolution”) is pleased to announce that Accurate Group Holdings LLC (“Accurate or Company”), a technology-enabled, outsourced provider of real estate transaction services to mortgage lending and loan servicing clients, received a $55 million equity investment led by ABS Capital Partners, a leading investor in later-stage growth companies with over $2 billion raised since inception. Accurate will use the investment to fuel continued growth and to redeem most of the interests held by the current owners of the Company. As a result of this investment, Evolution has sold its entire interest in Accurate.
Since the outset of Evolution’s relationship with Accurate in February 2009, the Company has driven rapid and profitable growth. In less than 4 years, Accurate’s revenue grew nearly 7 times with annual year over year growth of 70%. Further, operating earnings increased almost 50 times and experienced compounded annual growth of 165%. Accurate has also hired over a 100 professionals to support its growth and provide superior client service. Accurate has twice been honored as one of America’s fastest growing companies with the Inc. 500|5000 list, ranking in the top 20 in real estate in 2012.
Jeffrey Kadlic, Co-Founder & Managing Partner of Evolution said, “Accurate has been an incredible success story and one Evolution was proud to sponsor and participate in. Paul Doman provided great leadership and deftly handled the many challenges that come with rapid growth and delivered superior results for both Accurate’s clients and investors.” Paul Doman, Accurate’s President and Chief Executive Officer, stated, “I am very proud of the company and our management team. They’ve worked hard to build a great company and client relationships, and we are well positioned to continue our growth. I would like to express a sincere thank you to Evolution for their support, guidance and contributions.”
The Accurate transaction marks the third exit for Evolution’s first fund. Evolution would like to thank ABS Capital Partners, Edgeview Partners and Calfee Halter & Griswold for their hard work, professionalism and the shared belief in Accurate’s business and management team. Evolution engaged Edgeview Partners for M&A advisory services and Calfee, Halter & Griswold for legal representation.
About Evolution Capital Partners
Evolution Capital Partners is a small business private equity fund investing growth equity nationwide in Second Stage Companies generating annual free cash flow of $500,000 to $2,000,000. Evolution specializes in helping entrepreneurial businesses successfully navigate the critical transition through No Man’s Land by providing the capital, management, infrastructure and other resources necessary to leverage the time and energy of the business owner. For more information, please visit www.evolutioncp.com.