Inco-Check, LLC Acquired by Narrow Gauge Capital
May 19, 2022
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May 19, 2022 06:00 AM Eastern Daylight Time
BOSTON–(BUSINESS WIRE)–Inco-Check, LLC (“IC” or the “Company”) today announced that Narrow Gauge Capital (“NGC”) has completed the acquisition of a majority interest in the Company. For over 20 years, Inco-Check has been the standard when it comes to quality control and audit services and software for leading banks, credit unions, and lenders nationwide. Supported by NGC’s resources and expertise, the Company’s objective is to bring loan quality and fraud prevention to the foreground in today’s highly competitive mortgage and consumer lending markets. NGC believes the Company’s high-quality offering, proprietary platform, and reputation in the market make it the ideal platform to achieve this aspiration.
“The Company’s high level of customer service and accurate, detailed reporting services have led to rapid growth in recent years. We are thrilled to have acquired Inco-Check to help shape the future of loan quality and fraud detection for the mortgage industry,” said Adam Doctoroff, partner at NGC. “Inco-Check has not only developed proprietary technology to support its clients, it also uses these same tools to provide a highly differentiated service offering, making it a one-stop shop for software and tech-enabled services,” said mortgage industry veteran Michael Detwiler, who partnered with NGC on the acquisition. “Easy to deploy, intuitive software, and tech-enabled services that support lenders’ and servicers’ loan quality requirements are must-haves in today’s market,” continued Detwiler.
“NGC’s investment track record and deep networks in the mortgage services sector made them a very compelling partner for Inco-Check as we pursue continued growth and the expansion of our capabilities. Given their focus on partnering with founder-owned companies like Inco-Check, NGC is the ideal group to help us enhance the technology and client-focused service models that have made us so successful,” said Jack Lentz, founder of Inco-Check, who retained significant ownership interest in the Company in the transaction. “Adam and Mike clearly share our commitment to customer service, first and foremost, while also understanding the need for ongoing technology innovation and service-based differentiation,” concluded Donna Gibson, IC’s President.
A consortium of investors led by Ocean Avenue Capital Partners, L.P. provided equity capital in the transaction alongside Narrow Gauge Capital. Berkery Noyes & Co., LLC and Keefe, Bruyette & Woods, Inc. served as financial advisors to Inco-Check, LLC. Winston & Strawn LLP served as legal counsel to NGC.
About Inco-Check, LLC
Inco-Check, LLC is a nationwide provider of software and end-to-end quality control, specialty audit, compliance, and reporting services for mortgage and consumer lenders and servicers. IC leverages QC Ally, its proprietary, web-based platform to support all GSE, regulatory agency, and investor requirements. IC’s software and services supercharge lenders’ and servicers’ ability to manage their enterprise quality and risk requirements across all lines of business. IC and its experienced support team provide its clients with highly accurate and cost-effective software and outsourcing solutions that surpass all legacy third-party audit companies and software providers. IC prides itself on the long-term customer relationships it has built over the past 20 years. Learn more at www.inco-check.com/.
About Narrow Gauge Capital
Narrow Gauge Capital, based in Boston, is a private equity firm controlled by Adam Doctoroff and Travis Metz. NGC pursues buyouts and recapitalizations in growth-oriented businesses with strong management teams. NGC is currently pursuing transactions in areas where it has specialized expertise and past transaction experience, including healthcare services, financial services, and building products, distribution, and logistics. Learn more at www.narrowgaugecapital.com.
About Ocean Avenue Capital Partners, L.P.
Ocean Avenue Capital Partners, L.P. is an independent private equity firm based in Santa Monica, California. Ocean Avenue, founded in 2010, focuses on lower middle market and special situation investments sourced through its extensive network of independent sponsor relationships throughout North America. Learn more at oceanavenuecapital.com.