MOUNT LAUREL, N.J., June 2, 2015 /PRNewswire/ -- Title Resource Group LLC (TRG), a full-service title and settlement services provider, today announced that its wholly owned subsidiary, Texas American Title Company, has entered into an agreement to acquire the assets of ITCOA, LLC, which is headquartered in Austin, Texas, and does business throughout Texas as Independence Title. Financial terms of the agreement were not disclosed, and the transaction is expected to close following the completion of customary state licensing matters.
"This is a strategic move that will expand our market presence throughout Texas," said Donald J. Casey, president and chief executive officer of Title Resource Group. "We are pleased to have Independence Title and its experienced and skilled management team join our portfolio of locally operated title and settlement services companies across the nation. Like TRG, Independence Title operates with high standards of ethics and compliance, which is an important part of our company culture."
Independence Title has 55 locations and approximately 350 employees throughout Texas. Following the close of the transaction, TRG will have over 100 office locations across the state, including its existing Texas American Title Company operations.
Existing owners Jay Southworth and Brian Pitman will remain with the company in their current capacities as chief executive officer and president, respectively.
"We are very excited to be joining the Title Resource Group family of companies," said Southworth. "Our affiliation with TRG will open the doors to opportunities that we may not have had access to in the past. We believe that this new relationship will help us with additional growth in our business, and it will immediately provide benefits to our customers and our employees."
Pitman said: "We are pleased to be coming together as part of a recognized industry leader like TRG. TRG will provide Independence Title additional resources to better support our customers' needs moving forward."
About Title Resource Group
Title Resource Group LLC (TRG) is a full-service title, settlement and vendor management services company serving real estate companies, corporations and financial institutions in support of residential and commercial real estate transactions. TRG operates in 48 states and the District of Columbia and provides closing services in all 50 states. TRG is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a leading global provider of real estate and relocation services.
Certain statements in this press release constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Realogy Holdings Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Various factors that could cause actual future results and other future events to differ materially from those estimated by management include the Company's inability to realize the benefits from acquisitions. Consideration should be given to the risks set forth under the headings "Forward-Looking Statements" and "Risk Factors" in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2014, and our other filings made from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally.
SOURCE Title Resource Group