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HomeServices of America Acquires Long/Foster to Expand Services in Mid-Atlantic, US.

MANews-(C)2009-2017

11 September 2017 - Minnesota, US-based residential real estate brokerage company HomeServices of America, Inc. has acquired Virginia, US-based private residential real estate group The Long and Foster Companies, Inc., including Long and Foster Real Estate and its affiliated business lines in mortgage, settlement services, insurance, and property management, the company said.

Financial terms of the transaction were not disclosed.

The acquisition expands HomeServices' presence in the Mid-Atlantic region to Washington DC and Baltimore, and extends its national footprint to Virginia and West Virginia.

With this transaction, HomeServices now has more than 41,000 real estate professionals operating in 30 states and the District of Columbia. In 2017, the company expects its sales associates to facilitate over USD 123bn in residential real estate sales, nearly 340,000 home sale transactions and nearly 200,000 mortgage, insurance, title, and escrow transactions.

HomeServices of America is the majority owner of the Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks. HomeServices is owned by Berkshire Hathaway Energy, a consolidated subsidiary of Berkshire Hathaway Inc.

The company's 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.

The Long and Foster Companies is the parent company of Long and Foster Real Estate and the provider of homeownership services in the Mid-Atlantic and Northeast region.

In addition to its real estate arm, The Long and Foster Companies consist of Prosperity Home Mortgage, LLC, Long and Foster Insurance, and Long and Foster Settlement Services, as well as Long and Foster Property Management, Long and Foster Vacation Rentals and Long and Foster Corporate Real Estate Services.

Long and Foster Real Estate has over 220 offices, stretching from Raleigh, North Carolina, to Fair Haven, New Jersey, and from Charles Town, West Virginia, to the Atlantic Ocean, and it represents more than 11,000 agents in seven Mid-Atlantic and Northeast states, plus the District of Columbia.

Country: USA

Sector: Construction/Real Estate

Target: The Long and Foster Companies

Buyer: HomeServices of America, Inc

Vendor:

Deal size in USD:

Type: Corporate Acquisition

Financing:

Status: Closed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

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Publication:M & A Navigator
Geographic Code:1U5WV
Date:Sep 11, 2017
Words:380
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