HomeServices Continues Expansion With 2nd Buy in a Week
Minneapolis-based HomeServices of America, Inc., announced Wednesday that it has acquired one of Connecticut's largest residential real estate brokerage firms-Prudential Connecticut Realty.
Financial terms of the deal were not disclosed.
HomeServices, which owns Edina Realty, bills itself as the second largest residential real estate brokerage firm and the largest brokerage-owned settlement services provider in the country. It is a subsidiary of Warren Buffett's Omaha, Nebraska-based conglomerate, Berkshire Hathaway.
The announcement comes a week after HomeServices said that it bought Seattle-based brokerage firm Prudential Northwest Realty Associates. The company made another acquisition-Oregon-based Prudential Northwest Properties-in February, which established its presence in the Pacific Northwest.
HomeServices said that the acquisition is part of its growth strategy and marks its entry into Connecticut and the northeastern region of the country. The deal also includes Prudential Rhode Island Realty, which has two offices. HomeServices now has 26 brands and more than 16,000 real estate professionals operating in 20 states.
Based in Wallingford, Connecticut, Prudential Connecticut had $2.5 billion in 2011 sales. It has more than 1,400 sales associates in more than 50 offices located in major markets across the state. HomeServices said that Prudential Connecticut Realty will retain its name and current leaders.
“Prudential Connecticut is among the leading real estate companies in the United States and closely aligns with our corporate vision, our culture of integrity, and our emphasis on customer value and results,” Ron Peltier, chairman and CEO of HomeServices, said in a statement. “I am delighted that HomeServices is establishing a presence in Connecticut.”
Peltier told the Star Tribune that this won't be the company's last acquisition and that he is planning at least a half-dozen other major acquisitions, including brokerages in parts of the country where the company doesn't yet have a presence.