EAST PROVIDENCE – Settlement services firm Equity National Title & Closing Services Inc. has acquired Secure Collateral LLC, a Jacksonville, Fla.-based real estate services provider, the company announced today.
Financial terms were not disclosed. Both companies are privately held.
Secure Collateral will become a new appraisal and valuation division within East Providence-based Equity National, the company said. Secure Collateral will keep its current name and remain headquartered in Florida.
James K. O’Donnell, president of Equity National, said the acquisition would allow his company to provide a full range of title and settlement services to clients across the country. The company does business in 35 states as Equity National Title & Closing Services and in Massachusetts as Equity National Title Insurance Co., according to its Web site.
“The ability to deliver more high-quality products and services to our customers was our prime motivation for this acquisition,” O’Donnell said in a statement. “Secure Collateral is a top-rate appraisal operation, and with them, we’re poised to deliver more services to more customers, providing them the security and reliability they’ve come to expect from Equity.”
Equity National was the first company to provide title and closing services in New England when it was founded in 1989 and also among the first to offer combine appraisals, according to the R.I. Economic Development Corporation, which describes the firm as “one of the largest settlement agencies in the region.”
Secure Collateral was incorporated in September 2007, according to records filed with the Florida Division of Corporations. James L. Dammerich, Secure Collateral’s president and CEO, was previously a senior vice president and director of valuation services at Wachovia Settlement Services, according to his LinkedIn profile.
“We’re excited about this merger with Equity,” Dammerich said in a statement. “Our strong track record and our existing network of service providers across the country make us a great fit for Equity. And we have a common philosophy in that both Equity and Secure really value the client relationship above all.”
Equity National said it plans to add a “significant” number of employees at Secure Collateral, and has already begun hiring. A spokeswoman said Equity National currently has 116 employees at its Jordan Street office, while Secure Collateral has six workers in Jacksonville.
“In a merger like this, it’s critical that the partners’ personalities and motivations are similar, and we know that the staff in both organizations are completely in sync, and are dedicated to providing top-notch products and services to our clients,” O’Donnell said.
Additional information is available at EquityIn.com and SecureCollateral.com.
