HomeServices of America, a Berkshire Hathaway affiliate, today announced its acquisition of Long & Foster, the country’s largest privately held residential real estate company by sales volume, for an undisclosed sum.
HomeServices’ 2017 acquisitions, which include Houlihan Lawrence at the beginning of the year, position HomeServices of America as the country’s leading homeownership services provider and the largest residential real estate brokerage, the company said.
Today’s deal includes Long & Foster’s family of companies comprising Long & Foster Real Estate and its affiliated businesses in mortgage, settlement services, insurance and property management.
Based in Chantily, Virginia, Long & Foster Real Estate is the largest independent real estate brand by volume and the second largest by units, according to the 2017 Real Trends 500 report. In 2016, Long & Foster had nearly $29 billion in sales volume and more than 81,000 transactions.
The firm has 11,000 agents across 230 offices across the Mid-Atlantic and in surrounding states including Virginia, Maryland, the District of Columbia, West Virginia, North Carolina, Pennsylvania and New Jersey among others.
Wes Foster, who co-founded Long & Foster in 1968 with Henry Long, will remain with the company as chairman emeritus, while Jeff Detwiler, Long & Foster’s president and COO will become CEO.
“Finding the right partner to maintain the legacy, culture and integrity of Long & Foster was of utmost importance to us,” Foster said. “I couldn’t be more pleased that we are joining an organization known for its impeccable reputation and commitment to protecting brands. Joining HomeServices ensures that our history of market leadership and industry expertise continues.”
The acquisition expands HomeServices’ presence in the Mid-Atlantic region to Washington D.C. 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 $123 billion in residential real estate sales, nearly 340,000 home sale transactions and nearly 200,000 mortgage, insurance, title and escrow transactions.
“Wes, together with his executive team, regional leaders, sales managers, and agents, has built an extraordinary organization that exemplifies an exceptional level of expertise, vision, and leadership,” said Ron Peltier, HomeServices chairman and CEO.