Summit Park, a Charlotte-based private investment firm, recapitalized Exacta Land Surveyors LLC, a Cleveland, Ohio-based provider of land surveys and field management services used to facilitate residential and commercial real estate transactions.
The amount of the deal was not disclosed.
The investment provides the resources to enable the company to optimize its operational processes, increase existing market penetration, expand geographically, and accelerate growth.
Led by Timm Kalep, President and CEO, Exacta provides land surveys to a broad customer base of title insurance companies, mortgage lenders, attorneys, homebuilders, real estate brokers, and homeowners.
Additionally, the company offers utility/municipal lien search services, elevation certificates, and estoppel reports. Exacta currently operates in six states, including Ohio, Illinois, Florida, Maryland, Virginia, and Texas, and provides vendor management services to allow customers to procure surveys outside of its current geographic footprint.
Exacta has also developed software, SurveyStars, which is offered to surveying firms as software as a service.
The transaction marks Summit Park’s second investment its third fund, Summit Park III. Stellus Capital Management, LLC provided the debt financing for the transaction.