DEVON, Pa. - Farragut Capital Partners, LLC's ("Farragut") portfolio company Require Holdings, LLC ("Require" ) has acquired Service 1st Valuation and Settlement Services, Inc. ("Service 1st" or the "Company"). Service 1st is a leading provider of valuation risk management services, including desk reviews, valuation risk analysis, field reviews and market data. Terms of the transaction were not disclosed. Require is majority-owned by L2 Capital, a Devon, Pennsylvania-based investor.
The Company will be a wholly-owned subsidiary of Require Holdings, joining their existing portfolio of companies. Service1st will remain under the leadership of current President and CEO, Mark Oliver, who will report to Require Holdings CEO, Al Will.
“I am absolutely thrilled about this deal,” Oliver said. He added, “It is very rare that a company in our space can be acquired by another, where all of our services are complementary with few redundancies. This is definitely a case where the sum of the whole is far greater than the sum of the parts.”
Require Holdings CEO, Al Will, echoed Oliver’s excitement. “Service 1st has proven itself to be a leader in objective valuation risk management solutions as well as an invaluable resource to clients by providing extraordinary service in a complex regulatory environment,” Will said. “Their commitment to customer satisfaction isn’t just a part of their name, but it is reflected in all that they do. We share their commitment and are pleased to have found a like-minded partner to further our growth in technology-enabled real estate transaction services," he continued.
“Require is an excellent example of how L2 uses add-on acquisitions as part of its strategy to grow our portfolio companies”, said Bob Levine, Managing Partner of L2 Capital. “Service 1st is Require’s third add-on acquisition within the past 13 months. Each transaction was complementary to Require’s strategic vision and accretive to our investment.”