Corridor Capital-backed Dart Appraisal acquires ACT Appraisal
OSBC•Dart Appraisal acquired Chicago-based ACT Appraisal to expand its nationwide appraisal management platform. The deal adds a Chicago office, team members and valuation services to Dart.
1. Acquisition details
ACT, founded in 1998, provides appraisal management services to mortgage brokers, non-bank lenders, banks and credit unions. Its leaders, Erika and Bryan Franks, will join Dart as the businesses combine. Old Second National Bank provided senior debt financing, while Brookside Capital Partners provided mezzanine financing and an equity co-investment.
