Opteon, an international property valuation firm, has completed its fourth transaction in the last year with the acquisition of Buffalo, New York-based Northeastern Appraisal Associates Residential, an appraisal management company and staff appraisal firm.
Terms of the deal were not disclosed. "With the market rapidly changing in recent years, we must remain at the forefront of change to continue providing such excellent service," Salvatore Vacanti, vice president of operations for NEA, said in a press release. "Partnering with Opteon guarantees we are able to provide our clients with an industry-leading experience."
NEA has adopted the Opteon name. Vacanti will continue to lead the appraisal team as Operations Manager of New York, but also work with the AMC division to seamlessly integrate the two companies' clients.
Robert Vacanti, president of NEA will be joining the Growth and Expansion team at Opteon USA to help increase the number of national clients.
Founded in Australia in 2005, Opteon developed technology that decreased turn times and valuation report revision rates. It was offering valuation and property services in Australia and New Zealand before entering the U.S. market in 2019 with the acquisition of Apex Appraisal Service.
The other recent Opteon acquisitions include last September's purchase of Valucentric, a staff appraisal firm; and
An August 2021 rebranding brought Apex and Valuation Partners under the Opteon AMC banner, while the William Fall Group became Opteon Appraisal. Valucentric adopted the Opteon Appraisal name in February.
"Northeastern Appraisal Associates Residential is comprised of an incredible team that will be able to implement our technology across the Northeastern U.S.," said Chris Knight, Group CEO of Opteon.
In a separate transaction, two California-based escrow services companies are merging. Pickford Escrow Co., a HomeServices of America company, a subsidiary of Berkshire Hathaway, has acquired Legendary Escrow Services.
Escrow services in California can be performed by independent companies, licensed and regulated by the Department of Financial Innovation and Regulation. But others, including real estate brokers, title companies and lawyers, can provide these services, albeit under different regulators.
Pickford's competitors include
The escrow business is highly regulated, and loan proceed disbursement timing issues caused by how
Pickford is headquartered in San Diego, while Legendary Escrow Services has branches in Rancho Cucamonga, Rancho Cucamonga South, Anaheim Hills, Indian Wells, Murrieta, and Palm Springs.
"We are pleased to be able to continue to offer the high levels of service to our clients that both companies are known for in their marketplace," Gordon Miles, president and chief operating officer of Legendary Escrow Services, said in a press release. "This is a great opportunity to better service our network of offices and agents with an expanded reach."
Pickford has 20 offices in Southern California and approximately 90 employees.
