L2 Capital said Wednesday that it has closed its buy of reQuire. No financial terms were disclosed. Farragut Capital Partners provided the debt financing and co-invested in the deal while Boxwood Partners served as advisor to reQuire. Based in Virginia Beach, Virginia, reQuire is a provider of release tracking and reporting solutions for the real estate settlement services sector.
Radnor, PA (PRWEB) February 19, 2014
L2 Capital announced that it has completed the acquisition of reQuire, LLC (“reQuire”), the leading online lien release tracking and reporting service for the real estate settlement services sector. Terms of the deal were not announced.
The assurance that the existing liens on a property are properly removed from the land title records is a critical part of any real estate transaction. The failure to properly remove liens has created an ongoing and costly issue for homeowners when they want to sell or refinance a property as well as a compliance and monitoring burden for mortgage and title insurance companies. reQuire’s web-based software has tracked, reported and obtained lien releases associated with paid-off mortgages and lines of credit for over one million liens. Visit reQuire’s website at http://www.titletracking.com for additional information.
Bob Levine, Managing Partner of L2 Capital, said, “reQuire’s patent-pending process provides a unique opportunity to redefine lien release compliance in all residential real estate transactions. Unreleased liens create headaches for all parties involved, and the number of liens that remain unreleased a year after a residential closing is astounding. We are looking forward to supporting organic and external growth through further penetrating the US market and leveraging the company’s defensible market position with additional products and services.”
Daniel Morris, CEO of reQuire, noted, “Bob and the entire L2 Capital team are the perfect match for reQuire. Their experience, contacts and resources, as well as their hands-on operational and strategic support, constitute an unbeatable investment partnership. We could not be better suited for accelerated growth.”
Farragut Capital Partners provided the debt financing and co-invested in this transaction. reQuire, LLC was advised by Boxwood Partners, LLC.
L2 Capital Partners (http://www.L2Capital.net) is a private equity family office focused on making investments in privately owned lower middle market manufacturing, consumer product, service and distribution companies with revenues of $10 million to $75 million. L2 Capital has over $50 million in available capital and plans to invest up to $10 million in each transaction.
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