In a move that will boost its agent head count by more than 4,000 sales associates, HomeServices of America Inc. has acquired Philadelphia-based Prudential Fox & Roach Realtors and the brokerage’s mortgage and title insurance subsidiaries, for an undisclosed sum.
Prudential Fox & Roach will join nine other Prudential-affiliated brokerages, including eight owned by HomeServices, in rebranding as Berkshire Hathaway HomeServices affiliates this fall, the companies said.
The acquisition marks HomeServices’ entry into the Tri-State region of Pennsylvania, New Jersey and Delaware.
Working out of 62 offices in three states, Prudential Fox & Roach agents were involved in nearly 25,000 transactions in 2012 involving homes valued at more than $8.3 billion, which the company claims made it the fifth-largest provider of real estate brokerage and related services in the country.
Prudential Fox & Roach’s subsidiary, the Trident Group, includes Trident Mortgage Co., Trident Insurance and Trident Land Transfer Co. Last year the Trident Group originated $2.4 billion in mortgages for more than 9,800 homes, closed nearly 6,000 title and escrow transactions, and had more than 7,200 property and casualty insurance transactions.
Larry Flick, chairman and CEO of Prudential Fox & Roach, will continue in his current role running the day-to-day operations along with Gerry Griesser, president Trident Group; Joan Docktor, president, Prudential Fox & Roach, and their leadership teams.
“We are thrilled that Fox & Roach is joining the Berkshire Hathaway HomeServices network,” said Earl Lee, CEO of HSF Affiliates LLC, in a statement. HSF Affiliates operates the Berkshire Hathaway HomeServices real estate franchise brand.
“Larry, together with his executive team, sales managers and agents, has built an extraordinary organization and exemplify a level of expertise, vision and leadership that is second-to-none in the real estate business today,” Lee said. “We look forward to having a company of such tremendous caliber carry the Berkshire Hathaway HomeServices brand into the Tri-State marketplace.”
HomeServices of America, whose agents were involved in nearly 186,000 transactions involving homes valued at $53 billion last year, can now claim to have 30 brands and more than 21,000 real estate professionals operating in 24 states.
The company said its growth strategy “focuses on identifying market-leading companies that have established deep and enduring reputations within their community and long-standing traditions for excellence.”
HomeServices of America Chairman and CEO Ron Peltier called the acquisition an “important transaction to HomeServices,” adding that “we are very proud to have Fox & Roach and the Trident Group join the HomeServices family.”