Compass confirmed to Inman Monday it was acquiring Bay Area powerhouse Alain Pinel Realtors (APR), one of the nation’s top brokerages by sales volume.
“This was a thoughtful, deliberate decision made after an exhaustive review process,” APR President Mike Hulme told Inman, in a statement. “Both Compass and Alain Pinel Realtors have been innovators and pioneers in the real estate industry with a shared focus on our agents and providing the tools needed for their support.
“We believe this is a marriage of like-minded companies,” Hulme added. “Together, we look forward to a future that is bright, promising and without equal.”
In a letter obtained by Inman, Hulme, the president of the brokerage founded by his father in 1990, wrote about the acquisition and what it means for Alain Pinel’s approximately 1,400 agents. Hulme announced to agents and staff that he and Rainy Hake Austin – APR’s chief operations officer and executive vice president – will be hosting a town hall for agents to answer any questions.
Read Hulme’s full letter below:
This is a significant and exciting day for our company. I’m pleased to share the news that Alain Pinel has officially joined Compass.
This was a major decision that was thoroughly and thoughtfully considered. We were approached by a number of companies and conducted a strategic review of each option before deciding to move forward with Compass. After conversations with the Compass leadership team, and significant time spent understanding the Compass business model and company principles, it became clear our company stories are more similar than they are different. Both companies have a strong history of innovation and a shared narrative of being pioneers in our industry. Both companies put our agents first, in every aspect of the agent experience. Both companies value honesty, integrity, and building a strong culture. Most importantly, however, both companies are aware of the challenges that face our industry today and understand that building this partnership is critical to both of our successes.
We know that this decision will come as a surprise to some of you, particularly given everything we discussed at Elevate. In making it, we needed to believe beyond any doubt that it would be a good fit for you and for our entire team at Alain Pinel and that we would remain true to everything we stand for. Today we confidently tell you that we are inspired by this partnership and our joint responsibility for creating the future together. We hope that over the next few weeks you’ll give us an opportunity to show you how and why we came to this decision.
This partnership creates joint value in important ways. In the Bay Area, Compass has a presence in areas where we are less well-known, and vice versa, we have a presence where Compass is less well-known. Additionally, while Compass has had a strong start, they do not have our 30-year legacy in the community.
Compass is also eager to learn from our luxury market experience, the category that we are best known for. In turn, Compass can offer support and programs that we cannot. Financially, their capital position is very strong and they have zero debt. This backing is required for us to be successful, and allows us to continuously adapt and innovate together.
We understand you likely have many questions about Compass, I had them too. Rainy and I will be hosting a town hall tomorrow, Tuesday, March 5, at 10:00 a.m. PST at the [location redacted] to share more about our partnership with Compass and answer your questions.
We’ll also be rolling out plans for a thoughtful integration in the coming weeks, which you’ll hear more about soon, and we will be hosting information sessions this week and next. Finally, Rainy will share more information on Compass, how to share this news with your sphere, and what to expect. Be on the lookout for her email later today.
You should all feel incredibly proud of what we have accomplished, as I am. Here’s to the future of our partnership!