The Adam Corporation/Group Completes Acquisition of Reliable Reports, Inc.

The Adam Corporation/Group (“TAC”), a privately owned holding company, announced today it has completed the acquisition of all of the outstanding stock of Reliable Reports, Inc. (“Reliable”), an inspection services company. The three selling shareholders, Darren Evans, Brent Hagar and Leslie Meeks, will continue in their roles as key executives of Reliable. Terms of the transaction were not disclosed.

“We are very excited about the opportunities that lie ahead for our organization,” said Darren Evans, president and chief operating officer of Reliable. “The financial strength of The Adam Corporation, combined with the talent of our existing management team, will allow us to better serve our clients and expand into new markets.”

Brent Hagar, executive vice president of sales and marketing for Reliable, stated that, “The new affiliation with The Adam Corporation will enable Reliable to accelerate the progress of initiatives related to systems automation, customer compatibility, and geographic expansion. Thus, Reliable’s existing and future clients will be the main beneficiaries of the transaction.”

“Reliable Reports is an outstanding addition to our portfolio of companies,” said Donald A. Adam, chairman and CEO of TAC. “We believe the opportunity for growth is compelling. The property and casualty insurance industry lacks a national inspections firm, and we believe Reliable is well positioned to eventually fill that role.”

Reliable, which has been in business for more than 30 years, provides inspection and data collection services to the property and casualty insurance industry, primarily for underwriting purposes. Headquartered in Lewisville, Texas, the company offers its services to insurance carriers and agents in 10 states – Texas, Oklahoma, Kansas, Missouri, Louisiana, Arkansas, Mississippi, Alabama, Georgia, and Tennessee. Reliable has 240 employees, including 65 at its headquarters in Lewisville and 175 throughout its four regional offices, which are located in Houston, Oklahoma City, Baton Rouge and Atlanta.

TAC is a privately owned holding company headquartered in Bryan, Texas. Since its inception in 1977, TAC has acquired and built companies in such diverse industries as cable television, general contracting, real estate development, banking and financial services. TAC’s largest subsidiary is First American Bank, one of the largest independent banks in Texas with $3.3 billion in assets and 96 locations across the state

Contact:
Brent Hagar
Executive Vice President, Sales & Marketing
Reliable Reports, Inc.
(972) 353-2315 x225

Mark Welsh
Vice President, Corporate Development
The Adam Corporation/Group
(979) 776-1111

Topics Mergers & Acquisitions Texas