|FOR IMMEDIATE RELEASE||CONTACT:||Jim Thornton|
LERETA ANNOUNCES NEW OWNERSHIP
Private Investment Group including Former Executives Doug Foley and Jim Thornton Purchases LandAmerica's Tax and Flood Division; Rebrands it LERETA
LOS ANGELES, Sept. 23, 2009 - LERETA, LLC, an investment group which includes Doug Foley and Jim Thornton, announced today that it has acquired the real estate tax services and flood zone certification and reporting business of LandAmerica OneStop, Inc. (operating as LandAmerica Tax and Flood Services), a national leader in providing these services for more than two decades. Both Foley and Thornton are former executives of LandAmerica OneStop, Inc. The ownership of LERETA, LLC also includes a substantial third party investment group with significant investments in real estate, the pharmaceutical industry, banking, and the hospitality industry. In addition, the company proudly announces the return to its original name, LERETA, and has the same leadership team.
"For decades the team at LERETA has built a solid reputation based on quality and extraordinary service, and I am excited to be rejoining them," says Jim Thornton, returning as president of LERETA. "The shared values of the management team and their commitment to the real estate services industry, combined with our new financial strength, provide LERETA with the stability and resources necessary to continue providing superior service, while focusing on innovative and strategic growth initiatives."
Also rejoining LERETA is Doug Foley, who will serve as the company's chief executive officer. Both Thornton and Foley were senior executives of LERETA until the company was sold to LandAmerica Financial Group in 2003. They are recognized as pioneers in driving initiatives for quality and innovation in the tax and flood services industries since the early 1990s, and key players in spearheading the company's growth and leadership in the industry.
"We are proud to revitalize the LERETA name, and look forward to going back to the basics, embracing the values that first made our brand synonymous with extraordinary service and customer support," says Foley. "With a commitment to innovation, problem-solving, and providing the highest standard of service in the industry, we pledge to carefully listen and respond to customers' issues and concerns in today's volatile environment."
Kerlin Capital Group, LLC, a Los Angeles-based boutique investment bank, represented the investment group in this transaction.
ABOUT LERETA, LLC: LERETA, LLC continues in the tradition of LERETA Corp. Founded in 1986, LERETA Corp. has been a major force in the tax and flood service industries since its inception. The company provides a full suite of real estate tax services for residential and commercial loans, including automated online research and certification, tax bill processing, a suite of delinquent tax services, and customized tax outsourcing service programs. The company also provides real time flood zone determination services.