Represents expansion into the Tri-State Region
HomeServices of America, Inc., a Berkshire Hathaway affiliate, announced the acquisition of Prudential Fox & Roach, Realtors®, the fifth largest provider of brokerage and related services in the United States and its subsidiary, The Trident Group, which is comprised of market- leading financial services companies including Trident Mortgage Company, Trident Insurance and Trident Land Transfer Company. Terms were not disclosed.
Headquartered in Philadelphia, Prudential Fox & Roach is the largest Realtor® in the Tri-State region of Pennsylvania, New Jersey and Delaware, and is the largest single-market residential real estate brokerage in the U.S., with more than 4,000 sales associates in 62 offices located in major markets across the three states. Through the Trident Group, the company provides one-stop shopping to its clients including mortgage financing, title insurance and escrow services, and property and casualty insurance. In 2012, Prudential Fox & Roach had more than $8.3 billion in sales volume and nearly 25,000 transactions; Trident Group originated $2.4 billion representing more than 9,800 home mortgages, closed nearly 6,000 title and escrow transactions, and had more than 7,200 property and casualty insurance transactions for a total of 48,000 transactions across all services.
Prudential Fox & Roach retains its name until it transitions to the new Berkshire Hathaway HomeServices franchise brand in late Fall 2013.
The acquisition represents HomeServices of America’s expansion in the Mid-Atlantic and entry into the Tri-State region. With this transaction, HomeServices of America has 30 brands and more than 21,000 real estate professionals operating in 24 states. In 2012, the company’s associates facilitated nearly $53 billion in residential real estate sales, nearly 186,000 transactions and nearly 153,000 mortgage, insurance, title and escrow transactions. HomeServices of America’s growth strategy focuses on identifying market-leading companies that have established deep and enduring reputations within their community and long-standing traditions for excellence.
Larry Flick, chairman and CEO of Prudential Fox & Roach, Realtors/Trident Group, is among real estate’s most recognized and influential leaders, known for his exemplary leadership, vision, integrity, and his extensive philanthropic contributions, both personally and through the Fox & Roach Charities organization. Flick will continue in his current role running the day-to-day operations along with Gerry Griesser, President Trident Group; Joan Docktor, President, Prudential Fox & Roach, and their leadership teams.
“We are thrilled that Fox & Roach is joining the Berkshire Hathaway HomeServices network,” said Earl Lee, CEO of HSF Affiliates LLC, which operates the Berkshire Hathaway HomeServices real estate franchise brand. “Larry, together with his executive team, sales managers and agents, has built an extraordinary organization and exemplify a level of expertise, vision and leadership that is second-to-none in the real estate business today. We look forward to having a company of such tremendous caliber carry the Berkshire Hathaway HomeServices brand into the Tri-State marketplace.”
“Under Larry’s and Gerry’s foresight, expertise and leadership, Prudential Fox & Roach/Trident has become one of the foremost real estate and financial services companies in the U.S. renowned for its innovation, agility and unwavering commitment to delivering an exceptional customer experience,” said Ron Peltier, chairman and CEO of HomeServices of America. “Prudential Fox & Roach and the Trident Group are trusted resources within the communities in which they serve and to their buyers and sellers. Their culture of integrity, work ethic and creativity closely aligns with our corporate vision and our emphasis on customer value and results. This is an important transaction to HomeServices and we are very proud to have Fox & Roach and the Trident Group join the HomeServices family.”
“We are proud to be a part of HomeServices of America,” said Flick. “We are joining an organization known for its strength and stability, one that is consistent with our high standards of service and integrity, making this a win/win for our customers and our sales associates.”
About HomeServices of America
HomeServices of America, Inc., based in Minneapolis, Minn., is the second-largest, full-service residential real estate brokerage firm and one of the largest brokerage-owned settlement services provider in the U.S and is the majority owner of the Berkshire Hathaway HomeServices franchise brand and the Prudential Real Estate and Real Living Real Estate franchise networks. Owned by MidAmerican Energy Holdings Company, a consolidated subsidiary of Berkshire Hathaway Inc., HomeServices’ operating companies offer integrated real estate services, including brokerage services, mortgage originations, title and closing services, property and casualty insurance, home warranties, and other homeownership services. HomeServices Relocation, LLC is the full-service relocation arm of HomeServices of America, which provides every aspect of domestic and international relocation to corporations around the world. HomeServices operates under the following residential real estate brands: Carol Jones Realtors®; CBSHOME Real Estate; Champion Realty Inc.; Edina Realty; EWM Realtors®; Guarantee Real Estate; Harry Norman, Realtors®; HOME Real Estate; Huff Realty; Iowa Realty; Koenig & Strey Real Living; Long Companies; Prudential California Realty; Prudential Carolinas Realty; Prudential Connecticut Realty, Prudential First Realty; Prudential Fox & Roach, Realtors®; Prudential Georgia Realty; Prudential KC Realty, Prudential Northwest Realty Associates; Prudential Northwest Properties; Prudential Rhode Island Realty; Prudential York Simpson Underwood Realty; Prudential Yost & Little; RealtySouth; Rector-Hayden Realtors®; Reece & Nichols; Roberts Brothers Inc.; Semonin Realtors®; and Woods Bros. Realty.
Information about HomeServices is available at www.homeservices.com.
About Prudential Fox & Roach, Realtors®/Trident Group
Prudential Fox & Roach, Realtors® has more than 4,000 sales associates, throughout 62 offices, serving the states of Pennsylvania, New Jersey and Delaware.
The Trident Group is comprised of Trident Mortgage Company, Trident Insurance Agency and Trident Land Transfer Company and offers access to mortgage financing, settlement services, and homeowners and title insurance.
Information about Prudential Fox & Roach, Realtors®/Trident Group is available at www.prufoxroach.com.