CIS Group LLC, a subsidiary of CIS Holdings LLC and an affiliate of CEP, has completed its acquisition of Cornerstone Appraisal Services of Valparaiso, Ind., effective Nov. 12, 2010. This acquisition marks the third property inspection services company that CIS Group has acquired, including GPL Solutions in 2005 and Advanced Field Services in 2008.
"Cornerstone's core products are a perfect complement to our existing field underwriting services," said Michael Stanley, chief executive officer of CIS Holdings. "The acquisition of Cornerstone broadens CIS' product offering and gives our clients access to a best-in-class high-value appraisal product. More importantly, our clients will continue to have the Perfect Customer Experience they associate with CIS Group."
Cornerstone continues CIS Group's consolidation strategy in the field services sector. "We see an increasing opportunity to add specialty service providers to the CIS portfolio," said David Rollins, president of CIS Group. "Because CIS conducts over two million inspections a year across the entire United States, servicing most of the top insurance carriers, we believe that consolidating complementary service companies onto the CIS platform will enable us to continue to provide a superior level of service to our customers at extremely competitive prices. We are passionate about increasing route density with complementary products for our inspector-vendors, and sharing those resulting efficiencies with our vendors and our customers."
"Compass Equity Partners is a vital component in our growth strategy," said Phil Sader, chief operating officer of CIS Holdings. "They delivered superior results with the Cornerstone transaction and will continue to assist us with acquisition and integration efforts. In the mean time, we will build on Cornerstone's great reputation and track record of success and continue to provide superior underwriting services to our clients."
For more information, visit www.cisgroup.net.