Current Employees and Management Pursue Purchase
ATLANTA, GA (PRNewswire) - May 27, 2009- Buyers Protection Group, Inc. (“BPG”), an Atlanta-based real estate services firm, has signed a definitive agreement to purchase two subsidiaries from LandAmerica Financial Group, Inc.(“LandAmerica”). The acquisition is subject to regulatory approval and is expected to close later this summer.
LandAmerica Home Warranty Company, founded in 1987, provides one-year home warranties in 30 states with concentration in AZ, CA, and TX. LandAmerica Property Inspections Inc. was started in 2001 and is now the nation’s largest employee-based inspection company providing residential and commercial inspections in 14 states, including 25 key metropolitan real estate markets. Both companies will undergo name changes upon completion of the acquisition.
BPG was established to support the current management team and employees in purchasing the companies from LandAmerica. When the transaction closes, BPG will have more than 250 employees and will maintain dual operation centers in Burbank, CA and Alpharetta, GA. The Company plans to implement a controlled expansion strategy leveraging the existing footprint of the two businesses.
“We believe the home warranty and inspection businesses are both solid companies with great reputations,” said BPG President and CEO, Revell Fraser. “We are well positioned to leverage our passion, focus, and financial strength to deliver distinct value and growth as an independent company.”
“Both businesses have remained profitable and service-oriented during an extremely difficult downturn,” said Robert Covington, a Principal at The Stephens Group which owns a majority interest in BPG. “Their strong business ethics and proven ability to execute a well developed strategy will drive even more success as the housing market begins to normalize.”
BPG was advised by Croft & Bender LLC in Atlanta, Georgia and has partnered with The Stephens Group in Little Rock, Arkansas on the transaction.
About Buyers Protection Group, Inc.
BPG provides critical consumer-centric services to help real estate professionals, home buyers, and home sellers in their real estate transactions. The Company manages a network of employees and technology to deliver home warranties, home inspections, commercial and multi-family inspections, reserve studies, property disclosure reports, radon testing and monitoring, and pest inspections.
About The Stephens Group, LLC
The Stephens Group is a private, family-owned firm that invests its capital in private companies with exceptional management teams and high returns on invested capital in growing industries. The principals of The Stephens Group have over 70 years of history in successfully investing in both minority and control positions across multiple industries. The Stephens Group, through its affiliates, has large positions in energy services, gas exploration and production, media, communications, consumer, manufacturing and other industries. The Stephens Group typically provides equity capital of $10 million to $75 million per transaction and looks to invest $100 - $200 million per year.
About Croft & Bender LLC
Croft & Bender, based in Atlanta, Georgia, is an investment banking firm focused on providing M&A, private equity and financial advisory services to middle-market and emerging growth companies in the Southeast. The firm also sponsors the C&B Capital growth equity funds, with $44 million under management.
- Ronald M. Clark
- General Counsel
- The Stephens Group, LLC