Indianapolis-based Ace Holding Co. says it will hire 245 workers as part of a plan to triple staffing levels to 3,700 within five years.

Ace, the parent company of Ace Mortgage and Archer Land Title, made $3.5 billion in loans last year, generating $99.5 million in revenue, the Indianapolis Star reported. Loan consolidations and mortgage refinances generated most of that revenue, with the balance coming from mortgages for home purchases, Executive Vice President Robert L. Gregory Jr. told the Star.

Founded in 1998, Ace has 1,050 workers in 14 states. The Atlanta-based private equity firm Roark Capital Partners bought a 60 percent stake in Ace in November for an undisclosed sum, which is financing the expansion. Gregory said the company could go public as part of the expansion.

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