Gridiron Capital Announces Class Valuation’s Acquisition of Pendo Management, LLC
NEW CANAAN, CT, September 8, 2021 – Gridiron Capital, LLC (“Gridiron Capital”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, is pleased to announce that one of its portfolio companies, Class Valuation (the “Company”), has acquired Pendo Management, LLC (“Pendo”). Class Valuation is a leading, technology-enabled appraisal management company (“AMC”) focused on providing regulatory-compliant appraisals to the nation’s largest mortgage lenders and originators.
Based in Kansas City, Missouri, Pendo offers a differentiated appraisal process with dedicated client success teams, automated workflows and experienced appraisers in unique coverage markets, which translates into consistent, high-quality service for its 150+ customers nationwide. Pendo leverages proprietary in-house IT to drive efficiency, speed and quality in the appraisal process. The acquisition will increase Class Valuation’s market density within the Midwest and rural markets where Pendo is strongest and create new relationships between Class Valuation and high-quality appraisers in these areas.
“I am proud of Pendo’s journey and the success this team has helped build. Looking forward, I am excited for the vast opportunities this partnership brings for our team and our clients,” said Mike Peck, CEO and Co-Founder of Pendo. “I am 100% confident that our customers will continue to receive the exceptional attention, quality and service that they expect from Pendo in our new partnership with Class Valuation. Our services will strengthen further as we leverage Class’ scale, resources, technology and innovation platform — we are excited to be part of the future of our industry.”
John Fraas, Chief Executive Officer of Class Valuation, stated, “We are excited to welcome the Pendo team to the Class Valuation family. Along with a strong cultural fit, we are aligned in our approach to provide our client partners with unparalleled quality and service. Combining Pendo’s and Class Valuation’s core capabilities, tech-enabled workflows and complementary areas of expertise will bring superior service to all of our customers.”
Tom Burger, Co-Founder and Managing Partner at Gridiron Capital, stated, “We were instantly impressed by the high-quality talent and forward-thinking leadership within Pendo’s organization and are eager to move forward as partners.”
Will Hausberg, Managing Director at Gridiron Capital, added, “Pendo and Class’ strategic alignment in being innovation leaders for the industry makes this partnership a true home-run. Pendo’s organization has phenomenal team members that will be an integral part of Class Valuation’s continued growth and world-class platform within the residential valuation industry.”
Berkery Noyes served as exclusive financial advisor to Pendo.
About Gridiron Capital, LLC
Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams, and creating value by building middle-market companies into industry-leaders in branded consumer, B2B and B2C services, and niche industrial segments in the United States and Canada. We help transform growing companies by winning together through hard work, partnerships grounded in shared values and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis. Additional information is available on the firm’s website: www.gridironcapital.com.
About Pendo Management, LLC
Pendo Management, LLC is a nationwide, technology-enabled appraisal management company serving the residential mortgage industry. The Company’s solutions assist residential mortgage lenders in managing the process of procuring property valuations required for the origination of mortgage loans. Pendo offers a differentiated appraisal process with dedicated client success teams, automated workflow, and experienced appraisers, translating into high-quality service for its highly diversified customer base. Founded in 2009, Pendo Management, LLC is headquartered in Kansas City, MO.
About Class Valuation
Class Valuation is a top nationwide Appraisal Management Company (AMC), delivering outstanding quality and service to every client. The company is committed to combining the best people, products, processes, and technology available to help lenders make more homeownership dreams come true. Class has consistently been ranked highly in client service by several of the nation’s top ten mortgage lenders and has been recognized as a top place to work, along with receiving many other industry awards. Founded in 2009, Class Valuation is headquartered in Troy, Michigan. For more information, please visit www.classvaluation.com.
For Additional Information:
For Gridiron Capital, LLC:
Thomas A. Burger Jr., Co-Founder and Managing Partner
For Class Valuation:
John Fraas, Chief Executive Officer