Vista Title acquires Prime Real Estate Closing
Operations to fall under one umbrella starting in April, employ 34 in allMarch 28th, 2019
Spokane-based Vista Title & Escrow LLC has agreed to acquire the assets of Spokane-based Prime Real Estate Closing & Escrow LLC, says Vista CEO Anthony Carollo.
Vista, a 3-year-old company located at 201 W. North River Drive, plans to acquire 23-year-old Prime to help expand Vista northward and to enhance the company’s escrow operations, says Carollo.
The transaction is expected to be completed by the beginning of April, he says.
“We anticipate in the coming month or two (Prime) will have closed out all of its old Prime files and will move forward as Vista Title & Escrow,” he says.
Carollo declines to disclose the terms of the transaction.
Vista plans to retain all of Prime’s employees after the acquisition, says Carollo.
Prime currently employs about 10 people, he says, and Vista plans to hire an additional two title employees to help with demand, making the total Vista employee count 34 by the end of April.
Vista will acquire all of Prime’s assets, Carollo says, and will operate Prime’s current location at 6519 N. Maple under the Vista name.
Carollo says Vista wants to cause as little disruption to Prime’s employees as possible during the merger.
“Prime … has some longevity in the market,” says Carollo. “They have a great reputation that reflects their ownership and their integrity … so we think they’re a good culture fit.”
In a press release regarding the transaction, Prime CEO Tanna St. Marie says, “Prime has been approached by many interested parties over the years—but when Vista approached us, it just made sense.”
She adds, “Our operations are similar and our commitment to our clients aligns.”
Carollo declines to disclose Vista’s 2018 revenue, but said he expects Vista’s revenue will increase by 50 percent in the 12 months following the acquisition.
The merger will boost services already offered by Vista, says Carollo, who notes that the addition of Prime’s escrow operations will enhance and increase Vista’s escrow services.
“They have an escrow only operation,” he says. “We bring the title component, so between the two of them we become a starter company, and we’re excited about that.”