A Boston-based private equity firm has closed its purchase of Class Appraisal, a nationwide provider of real estate asset valuation and appraisal-management products to the residential mortgage industry.
Narrow Gauge Capital pursues buyouts and recapitalizations in growth-oriented businesses. ICG Strategic Equity and Aberdeen Standard Investments provided equity co-investment in the transaction.
Class Appraisal CEO Alex Elezaj said the company’s new ownership will allow it to continue investing in its service offerings.
"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," Elezaj said.
Narrow Gauge currently pursues transactions in areas where it has specialized expertise and past transaction experience, including financial services, building products, distribution, health care services, and logistics.
"Class Appraisal is a tremendous company that offers the absolute best service model that we have seen in the appraisal management business," Narrow Gauge Partner Adam Doctoroff said. "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."