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PHH HOMEQUITY ACQUIRES CANADA-BASED ERS LTD.; ENHANCES TRANSNATIONAL CAPABILITIES

 WILTON, Conn., May 19 /PRNewswire/ -- PHH Homequity announced today it has signed an agreement to acquire the largest relocation company in Canada, ERS Ltd. (ERS), headquartered in Toronto. Terms of the agreement were not disclosed.
 "By blending the strengths of our two companies, we can offer clients the best of both worlds, the resources and breadth of worldwide PHH services, combined with the depth of ERS' 18 years experience in Canada," said Harvey Auger, president of PHH Homequity North America.
 Leading the Canadian operation as senior vice president and general manager will be Bruce Atyeo, former ERS executive vice president. Jim Gilligan will assume responsibility for sales and marketing of the combined operations. PHH and ERS Ltd. will consolidate their facilities in Calgary, Toronto, Montreal and Vancouver, and retain the current ERS offices in Ottawa and Halifax.
 Commenting on the acquisition, Stephen Fragapane, PHH Corporation senior vice president responsible for relocation and real estate services worldwide, said, "This purchase enhances our leadership position in North America and around the world as we remain committed to meeting the needs of our clients."
 Last fiscal year, on behalf of its more than 1,000 corporate and government clients, PHH Homequity served over 40,000 relocating families and managed approximately $5 billion in residential real estate, making it by far the leading provider of relocation services worldwide.
 PHH Homequity markets properties through various supplier networks including North America's largest real estate broker network, the Homequity Relocation Centers (HRC) Network. "Key to our success has been our ability to forge strategic alliances with a variety of performance-based supplier groups," said Fragapane, adding, "Today, the HRC Network boasts 45 of the nation's top 100 volume-producing brokers."
 The HRC Network is composed of 54,000 sales professionals in 425 firms serving in excess of 465 markets from 2,000 offices across North America. In 1992, the combined sales and listing volume of the HRC Network exceeded $80 billion which is approximately 15 percent of all residential real estate sold in North America.
 Since 1955, PHH Homequity has assisted more than 800,000 families with the industry's most comprehensive set of relocation services. Having pioneered the relocation industry, PHH today continues its leadership through aggressive service expansion and market coverage. For example, in the affinity market, PHH Homequity was recently awarded the relocation services contract with the highly respected United Services Auto Association (USAA). Through its extensive HRC Network, PHH offers USAA's 2.3 million members, homebuying and homeselling services.
 PHH Homequity is also broadening its geographic coverage for all transferring families by establishing local service offices in 50 metropolitan areas in order to provide face-to-face destination and settling-in services for relocating families.
 Working in concert with its European operations, a global supplier network extending to 38 countries has become the industry's most comprehensive international relocation services network. "Through this network, we are best able to meet the mobility needs of all of our clients whether they operate domestically or internationally," said Fragapane. "PHH is fully committed to continue to be the leading provider of relocation and real estate services around the world."
 Underscoring its commitment to the relocation business, Fragapane recently announced a two-year, $16 million technology investment to enhance operations. "Our systems will be upgraded to increase efficiency and productivity, and bring our clients closer to the information they need to manage the costs of relocation. By employing the latest technology, we will maintain our number one position - twice the size of our nearest competitor."
 PHH Corporation (NYSE: PHH), located in Hunt Valley, Md., is a $4 billion transnational corporation listed on the New York Stock Exchange and traded under the symbol PHH. Its operating units provide services in relocation and real estate management, management consulting, vehicle fleet management and mortgage banking to more than 3,000 corporations and organizations in North America, the United Kingdom and Western Europe.
 -0- 5/19/93
 /CONTACT: Keith Bisogno of PHH Homequity, 203-834-8588/
 (PHH)


CO: PHH Homequity; ERS Ltd. ST: Maryland, Ontario IN: SU: TNM

WB -- NY034 -- 0211 05/19/93 10:41 EDT
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Publication:PR Newswire
Date:May 19, 1993
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