The private equity firm that plans to acquire real estate giant Realogy Corp. also played an integral role in building up its business. NRT Inc., a subsidiary of Realogy Corp. that oversees company-owned brokerage operations, was formed in 1997 through a $232 million venture by a group affiliated with Apollo Management L.P. and by HFS Inc., a predecessor to Realogy's former parent company. HFS reportedly invested $157 million of the initial financing for NRT while Apollo invested $75 million. Realogy this year was spun off from former parent Cendant Corp. as an independent, publicly traded company. "Apollo Management was actually the original private-equity sponsor of NRT -- the vehicle that catapulted NRT into existence in the first place," said Chuck A. DelGrande, managing director of c...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.