Boston-based Narrow Gauge Capital (NGC) has announced it has completed the acquisition of Troy-based Class Appraisal, a nationwide provider of real estate asset valuation and appraisal management solutions to the residential mortgage industry.
"Narrow Gauge Capital has developed deep knowledge of the mortgage industry and has consistently demonstrated its strong commitment to providing unmatched client service and world-class technology," says Alex Elezaj, CEO of Class Appraisal. "Our new ownership will allow us to continue to invest in our service offerings for the benefit of all of our customers."
Equity co-investment in the transaction was provided by ICG Strategic Equity and Aberdeen Standard Investments, in addition to NGC.
"Class Appraisal is a tremendous company that offers the absolute best service model that we have seen in the appraisal management business," says Adam Doctoroff, a partner at NGC. "Class has developed an incredible company culture, operational excellence, and a trusted partnership with industry-leading clients and top-performing appraisers that will generate continued significant growth."
Class Appraisal has partnered with more than 400 mortgage lenders and more than 6,000 residential appraisers. NGC is controlled by Adam Doctoroff and Travis Metz. The company pursues buyouts and recapitalizations in growth-oriented businesses with management teams.
NGC is currently pursuing transactions in areas where it has specialized expertise and past transaction experience, including health care services, financial services, building products, distribution, and logistics.
"We have made great progress over the past several years and are excited to work with Narrow Gauge to enhance our market-leading position," says Jon Tallinger, vice president of sales and marketing for Class Appraisal.