Written by Claire Lowe Wednesday, August 14, 2013 12:00 am
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HomeServices of America, Inc., based in Minneapolis, Minn., a Berkshire Hathaway affiliate, announced Wednesday, Aug. 14 the acquisition of Prudential Fox and 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 Trident Mortgage Company, Trident Insurance and Trident Land Transfer Company. Terms were not disclosed.
Headquartered in Philadelphia, Prudential 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.
In 2012, Prudential 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 and Roach will retain 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.
Larry Flick, chairman and CEO of Prudential Fox and Roach, Realtors/Trident Group, will continue in his current role running the day-to-day operations along with Gerry Griesser, president of Trident Group; Joan Docktor, president of Prudential Fox and Roach, and their leadership teams.