Chevy Chase, Md. – Farragut Capital Partners, LLC (“Farragut”) is pleased to announce the closing of an investment in reQuire, LLC. (“reQuire” or “the Company”). Founded in 2002 and based in Virginia Beach, Va., reQuire is an online lien release tracking and reporting service used in the real estate settlement process. The Company provides settlement companies and real estate attorneys with an automated means of tracking and releasing property liens after settlement, ensuring any previous liens are fully repaid and properly removed from court records. Terms of the deal were not announced.
Farragut invested subordinated debt and equity to support the acquisition of the Company by L2 Capital Partners (“L2”) of Radnor, Pa. Founded by Bob Levine, L2 Capital Partners is a private equity family office focused on making investments in privately owned lower middle market manufacturing, consumer product, service and distribution companies with revenues of $10 million to $75 million.
“We’re pleased to partner with reQuire CEO Daniel Morris and L2 on this transaction,” said Javier Aguirre, Partner of Farragut. “reQuire simplifies the lien tracking process in hundreds of thousands of transactions every year, and we’re excited to work with L2 as they help to introduce this compelling service to a wider audience.”
“reQuire’s patent-pending process provides a unique opportunity to redefine lien release compliance in all residential real estate transactions,” said Mr. Levine of L2. “Unreleased liens create headaches for all parties involved, and the number of liens that remain unreleased a year after a residential closing is astounding. We are looking forward to supporting organic and external growth through further penetrating the U.S. market and leveraging the Company’s defensible market position with additional products and services.”
reQuire (http://www.titletracking.com/) is the eighth investment out of the Farragut team’s third fund, Farragut Mezzanine Partners III, LP.