April 15 - Collateral Specialists Inc. and SiteCheck Solutions have announced an agreement for CSI to purchase the assets of SiteCheck Solutions, including LeaseInspection.com. The joint company will retain the Collateral Specialists name.
Headquartered in Northern California with operational offices in Texas and Pennsylvania, CSI is a leading provider of floor plan and site inspections for the financial services industry. According to Jim Jennings, president of CSI, SiteCheck Solutions’ expertise in the site inspection and lease inspection industry will enhance CSI’s current service offerings. SiteCheck performs inspections in all 50 states for banks, insurance companies and credit reporting agencies, and offers web services to automate the ordering of inspections.
With three offices and more than 500 employees, CSI is already among the largest all employee based inspection companies in the country. Over the next few months, the company plans to expand to approximately 800 employees.
“There is a nice synergy between the two companies with the potential that the whole can be greater than the sum of its parts,” said Jennings. “SiteCheck has built a tremendous team and we’re excited to welcome them into the CSI family.”
CSI plans to service SiteCheck’s clients under a newly formed SiteCheck Division to be based in the Salt Lake City area. Lance Black, CEO and founder of SiteCheck Solutions, will join CSI in a consultancy position. Jim Ward of SiteCheck also will join CSI as Operations Manager of the SiteCheck Division.
“We’re thrilled to join CSI,” said Black. “With their support and long-standing reputation in the field services industry, SiteCheck clients will directly benefit from the increased economies of scale of the combined company.”