Summit Park has recapitalized Cleveland-based Exacta, a provider of land surveys and field management services for residential and commercial real estate deals. No financial terms were disclosed. Stellus Capital Management LLC provided the debt financing for the transaction.
Summit Park, a Charlotte-based private investment firm, is pleased to announce the recapitalization of Exacta Land Surveyors LLC (“Exacta” or “the Company”), a leading provider of land surveys and field management services used to facilitate residential and commercial real estate transactions.
Based in Cleveland, Ohio, Exacta provides land surveys to a broad customer base of title insurance companies, mortgage lenders, attorneys, homebuilders, real estate brokers, and homeowners. Additionally, the Company offers utility/municipal lien search services, elevation certificates, and estoppel reports. Exacta currently operates in six states, including Ohio, Illinois, Florida, Maryland, Virginia, and Texas, and provides vendor management services to help customers procure surveys outside of its current geographic footprint. The Company’s best-in-class business model enables Exacta to provide customers with high levels of service, quality, and reliability, which make the Company the provider of choice in each of its markets. Exacta has also developed industry-leading software, SurveyStars, which is offered to surveying firms as software as a service.
Bob Calton, co-Founding Partner of Summit Park said, “We are excited to partner with the founders and Exacta leadership team to build on the Company’s historical success. We believe Exacta is well-positioned to capitalize on its market leadership within the large and highly fragmented survey and field management services industry. Further, we are confident that Summit Park can provide the resources to enable Exacta to optimize its operational processes, increase existing market penetration, expand geographically, and accelerate growth. We also believe that there is a significant opportunity to accelerate the growth of SurveyStars through continued product development and investments in marketing and customer support.”
Timm Kalep, President and CEO of Exacta, added, “We are excited to partner with Summit Park as Exacta continues to capitalize on the significant opportunity ahead. Summit Park’s excellent track record and collaborative approach make the firm an excellent fit for the Company. We could think of no better partner to help us execute on the next phase of growth.”
The transaction marks Summit Park’s second investment its third fund, Summit Park III. Stellus Capital Management, LLC provided the debt financing for the transaction, and Exacta was represented by EdgePoint Capital Advisors, a Cleveland-based investment banking firm.
About Summit Park
Summit Park is a Charlotte, North Carolina-based private investment firm focused exclusively on the lower middle market. The firm invests across a range of industries, including business and consumer services, light manufacturing and value-added distribution in the Eastern half of the United States. The firm’s capital can be used to facilitate a change in ownership, to support expansion and growth, to provide partial liquidity to existing owners, or to support an industry consolidation plan. For more information, visit www.summitparkllc.com.