First American Financial Corp., a global provider of title insurance, settlement services and risk solutions for real estate transactions, today announced it has signed an agreement to acquire Mother Lode Holding Co.
Mother Lode is a California-based provider of title insurance, underwriting, and escrow services for residential and commercial real estate transactions. It has 17 operating subsidiaries throughout the United States, including its principal subsidiary, Placer Title Co.
Terms of the deal were not disclosed, and the closing of the transaction is subject to regulatory approvals and the satisfaction of customary closing conditions.
With 92 offices in 11 states, Mother Lode’s subsidiaries serve their respective real estate communities with a 48-year track record of providing superior customer service, First American said. In addition to California, Mother Lode’s subsidiaries operate primarily in Arizona, Idaho, Montana, New Mexico, Texas, Washington and Wyoming.
“Mother Lode Holding Company’s reach, expertise and commitment to superior customer service aligns well with our existing operations and will augment our efforts to expand our coverage in key growth markets,” said Dennis J. Gilmore, First American’s chief executive officer. “With Mother Lode Holding Company and its subsidiaries, we will expand our ability to serve customers throughout many of the strongest housing markets in the U.S.”
Customers of Mother Lode’s operating subsidiaries will benefit from enhanced underwriting resources and the industry’s largest property and ownership dataset, as well as access to other industry-leading resources for residential transactions, First American said.
Once the transaction closes, Mother Lode and its operating subsidiaries will continue to operate under their existing brands. Mother Lode CEO Randy Bradley, Chief Operating Officer Lisa Steele and President Darrick Blatnick will remain with the company and manage day-to-day operations.
“I’m excited about the new opportunities for our staff across our family of brands to serve our customers as the real estate market demonstrates continued strength,” Bradley said. “It was critical to our leadership team that any acquisition partner continue to support our employee-centric culture. First American's inclusion on the Fortune 100 Best Companies to Work For list for six consecutive years reflects that shared value.”
Houlihan Lokey is acting as financial advisor to Mother Lode Holding Co. for the transaction. Wilkie Farr & Gallagher LLP advised First American on the pending acquisition, with partner PK Paran, counsel Gabe Gershowitz and associate Rebecca Wainstein leading the transaction.
First American Financial Corp. provides title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. It also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; banking, trust and wealth management services, and other related products and services. With total revenue of $7.1 billion in 2020, the company offers its products and services directly and through its agents throughout the United States and abroad.
