Forsythe Appraisals, LLC
In 2002, Forsythe Appraisals was a residential real estate appraisal company headquartered in St. Paul, MN and owned by John and Tim Forsythe whose grandfather had founded the company in 1940. The Company had 12 offices in Minnesota, Colorado, Massachusetts, Ohio, Wisconsin, and Illinois. Tim and John were looking for a partner to help them dramatically accelerate growth of the business while also providing some liquidity for their investment. In May of 2003, HCP acquired 75% of the Company and Tim and John retained the remaining 25%. Forsythe then embarked on an aggressive growth strategy, opening 25 offices across the United States over the next five years and completing an add-on acquisition of a complementary appraisal management company. Over the course of HCP’s ownership, Forsythe’s revenue more than doubled, and in April of 2016, Forsythe was acquired by First American Mortgage Solutions, LLC.
“We wanted a partner who could provide capital and strategic advice in support of our growth plan. Hillcrest Capital Partners provided all of that and more. Many of our employees had great tenure and were like family, Hillcrest consistently reinforced the importance of the culture and treating employees with dignity. We shared our vision for growth, Hillcrest believed in us and together we executed on a plan that had never before been accomplished in our industry. I can’t imagine finding a better long-term partner than HCP.”
– John Forsythe, former CEO, Forsythe Appraisals, LLC