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Franchise company acquires ‘ugly houses’ network

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HomeVestors of America Inc., the real estate investment company behind the "We Buy Ugly Houses" billboards, today announced that Franchise Brands LLC has acquired a majority interest in the company. Founded in 1989, HomeVestors sold its first franchise in 1996 and has a network of about 230 franchise offices in 35 states. The company, which seeks to buy houses and resell them to investors and other buyers for a profit, has bought about 35,000 homes since its launch. Franchise Brands was created in 2005 with support from the founders of Subway restaurants. That company owns Bajio Mexican Grill, a Mexican gourmet restaurant chain based in Utah; and Mama DeLuca's Pizza, a quick-serve pizza restaurant chain based in Indiana. "Franchise Brands was founded on a basic principle: to invest in small and mid-market companies that demonstrate the potential for franchising," according to the company's Web site. While Doctor's Associates Inc., the franchise company fo...