Acquisition firmly establishes ITEL as industry leader in independent testing and fair-market replacement
JACKSONVILLE, Fla., June 1 /PRNewswire/ -- ITEL Laboratories, the nation's largest independent testing laboratory serving the property insurance industry, has acquired SidingMatch and its sister company RoofingMatch. In addition to its core carpet and flooring pricing services, ITEL now offers customers extensive siding and roofing matching services.
ITEL helps insurance companies quickly, accurately and fairly settle claims by testing flooring, siding and roofing samples sent from loss sites to determine comparable replacement products and, for flooring, a fair settlement price for like kind and quality materials. Its customers include most of the U.S. property insurance carriers, as well as claims adjusters, contractors and property owners.
SidingMatch identifies siding, determines if an exact or similar match is available, and suggests where to find the material. The company's customers are homeowners, contractors and insurance adjusters. RoofingMatch provides the same services for roofing.
"Our customers now have a one-stop shop for flooring, siding and roofing tests," said Roger Mullins, ITEL's Chief Executive Officer. "SidingMatch is a recognized leader in siding information in North America with phenomenal growth over the past few years."
As the companies' services are similar, ITEL expects a smooth transition. Customers should now send all siding and roofing samples to ITEL's Jacksonville, Fla., laboratory.
"The acquisition enhances our matching services and product libraries, which now include nearly 100 percent of siding and roofing products, both currently manufactured and discontinued," Mullins said. "In addition to this vast product information database, customers can still enjoy ITEL's technology-driven process and next-day report turnaround on all tests."
About ITEL
Established in 1993, ITEL is the nation's largest independent tester for determining fair-market replacement value of damaged products. ITEL was the first-ever U.S. company to offer independent lab testing to determine market value of damaged carpet. In its 16 years of business, ITEL has performed more than two million tests for property insurance carriers throughout the United States and Canada. The company is based in Jacksonville, Fla., and is owned by The Riverside Company. More information is available at www.itelinc.com.
About The Riverside Company
The Riverside Company is the largest global private equity firm focused on the smaller end of the middle market ("SEMM") and is one of the industry's most experienced leveraged buyout investors. Riverside specializes in investing in premier SEMM companies (those valued up to $200 million) and partners with strong management teams to build companies through acquisitions and value-added growth. Since 1988, the firm has invested in 188 transactions with a total enterprise value of $3.4 billion. Please visit www.riversidecompany.com and www.riversideeurope.com for more information.
SOURCE ITEL
