Appraisal management company Solidifi in Buffalo, N.Y., has acquired Linear Title & Closing in Middletown, R.I., a provider of national title searches and mortgage closing services. The deal's value could reach $96 million if certain performance metrics are met.
Solidifi's parent company, Toronto-based-Real Matters, said it was looking to bring its proprietary software and field agent management expertise to the U.S. market for mortgage title and closing services.
Real Matters raised C$100 million (US $77 million) through a private placement of common equity to fund the acquisition, the company said in a news release Friday.
Linear is a title search and closing provider for refinance, purchase, short sale and REO transactions in all 50 states. With the acquisition, Real Matters generates 95% of its revenue in the United States.
The acquisition of Linear is Solidifi's third since 2013, following the purchase of Kirchmeyer & Associates and
BMO Capital Markets and INFOR Financial acted as joint bookrunners on the financing. INFOR advised the company on the acquisition.
