Another Bullseye: Dart Appraisal Joins Forces with ACT Appraisal

Troy, MI and Los Angeles, CA - Dart Appraisal, LLC ("Dart Appraisal" or "Dart"), a portfolio company of Corridor Capital, LLC ("Corridor"), has completed the strategic acquisition of ACT Appraisal, Inc. ("ACT Appraisal" or "ACT"), advancing its strategy to build a nationwide appraisal management platform. The partnership brings together two appraisal management companies ("AMCs") with shared values and complementary client bases, pairing ACT's strength with mortgage brokers and non-bank lenders with Dart's long-standing community bank and credit union relationships. The combination further strengthens Dart's position in the AMC marketplace and expands Dart's team, footprint and range of valuation services.

Founded in 1998 and headquartered in Chicago, Illinois, ACT is a national, full-service AMC known for Accurate, Complete and Timely reports, serving lenders including mortgage brokers, non-bank originators, community banks and credit unions. ACT is also recognized for responsive service and its "Call First" model, in which experienced in-house coordinators personally contact the best-fit appraiser and confirm turn time before every assignment, supported by a nationwide network of appraisers. ACT is led by Erika and Bryan Franks, who have been in the appraisal industry for more than 20 years. Through the transaction, Dart is expanding its office footprint to Chicago.

"Partnering with ACT Appraisal allows us to keep expanding the quality service our clients and appraisers expect from Dart," said Michael Dresden, CEO of Dart Appraisal. "ACT checked the boxes we look for: a strong reputation, a loyal client base and a talented, motivated team. Most of our growth over the years has been organic, but the right partnership, with the right people and the right culture, accelerates what we can offer everyone we serve."

"We are excited to join the team at Dart Appraisal," said Erika Franks, COO of ACT Appraisal. "Dart shares our commitment to taking great care of clients, employees and appraisers alike. Together, the combined company and expanded services are expected to benefit everyone with whom we work. For our current clients, it will be business as usual, with even more capability behind us."

"We are thrilled to welcome ACT and its team to the Dart family. Our focus is on partnering with companies that have a strong market position, a track record of growth and enduring customer relationships, and ACT embodies all of these qualities," said Craig Enenstein, CEO of Corridor Capital. "Bringing together these two companies creates an even stronger partner for lenders and appraisers nationwide, and we look forward to supporting the combined company's growth plans for the future."

Morgan, Lewis & Bockius LLP provided legal services to Corridor and Dart, and Saul Ewing LLP served as AMC licensure counsel. Kroll supported the transaction with financial and tax due diligence services, and Lockton Companies provided insurance services. Old Second National Bank provided senior debt financing, and Brookside Capital Partners provided mezzanine financing along with an equity coinvestment in support of the transaction.