May 27, 2009
Croft & Bender Advises BPG on Acquisition of LandAmerica Home Warranty and Property Inspection
PRNewswireAtlanta, GA â€“ (May 27, 2009) â€“ Buyers Protection Group, Inc. (â€œBPGâ€), an Atlanta-based real
estate services firm, has signed a definitive agreement to purchase two subsidiaries from
LandAmerica Financial Group, Inc. (â€œLandAmericaâ€). The acquisition is subject to regulatory
approval and is expected to close later this summer.
LandAmerica Home Warranty Company, founded in 1987, provides one-year home warranties in
30 states with concentration in AZ, CA, and TX. LandAmerica Property Inspections Inc. was
started in 2001 and is now the nationâ€™s largest employee-based inspection company providing
residential and commercial inspections in 14 states, including 25 key metropolitan real estate
markets. Both companies will undergo name changes upon completion of the acquisition.
BPG was established to support the current management team and employees in purchasing the
companies from LandAmerica. When the transaction closes, BPG will have more than 250
employees and will maintain dual operation centers in Burbank, CA and Alpharetta, GA. The
Company plans to implement a controlled expansion strategy leveraging the existing footprint of
the two businesses.
â€œWe believe the home warranty and inspection businesses are both solid companies with great
reputations,â€ said BPG President and CEO, Revell Fraser. â€œWe are well positioned to leverage our
passion, focus, and financial strength to deliver distinct value and growth as an independent
â€œBoth businesses have remained profitable and service-oriented during an extremely difficult
downturn,â€ said Robert Covington, a Principal at The Stephens Group which owns a majority
interest in BPG. â€œTheir strong business ethics and proven ability to execute a well developed
strategy will drive even more success as the housing market begins to normalize.â€
BPG was advised by Croft & Bender LLC in Atlanta, Georgia and has partnered with The Stephens
Group in Little Rock, Arkansas on the transaction.
About Buyers Protection Group, Inc.
BPG provides critical consumer-centric services to help real estate professionals, home buyers, and
home sellers in their real estate transactions. The Company manages a network of employees and
technology to deliver home warranties, home inspections, commercial and multi-family inspections,
reserve studies, property disclosure reports, radon testing and monitoring, and pest inspections.
About The Stephens Group (www.stephensgroup.com)
The Stephens Group, LLC, is a private, family-owned firm that invests its capital in private
companies with exceptional management teams and high returns on invested capital in growing
industries. The principals of The Stephens Group have over 70 years of history in successfully
investing in both minority and control positions across multiple industries. The Stephens Group,