One of the nation’s largest independently owned real estate companies is expanding its reach deep into Indiana.
Howard Hanna Real Estate Services acquired a “significant” interest in F.C. Tucker Co., a large regional brokerage that has done more than $5 billion in annual sales, company President Howard “Hoby” Hanna said.
“We’ve made significant investments into the company, but we have asked that the ownership and the leadership stay in as a partner with us,” Hanna told Inman, declining to say what percentage of the Indiana company was acquired.
Under the deal, F.C. Tucker offices will continue to operate under the same name. Its existing executive structure will also remain intact.
The business partnership substantially expands Hanna Holdings’ reach in the state of Indiana. Hanna previously had a single office in the state, located in South Bend.
F.C. Tucker has more than 45 offices and 1,500 sales associates in Indiana and select Kentucky markets, according to the news release announcing the move. The regional company, founded in 1918, offers a range of real estate services including mortgages, relocation services and insurance and warranty products.
The deal resembles the company’s partial acquisition of Allen Tate Companies a few years back, which linked the two companies’ efforts while allowing Allen Tate’s ownership to maintain a minority stake in the business.
Hanna told Inman that his company took the approach it did in part to benefit from F.C. Tucker’s deep name recognition and expertise in Indiana, where the company has achieved No. 1 market share in some areas.
Agents at F.C. Tucker offices will also have access to new resources. Howard Hanna’s technology stack, marketing resources, lead-generation tools and larger relocation network will all be available to F.C. Tucker brokers, according to the release.
“The best part of this alliance is that it is a true partnership where F.C. Tucker agents and clients benefit from the vast resources of a prominent national real estate brokerage,” F.C. Tucker CEO Jim Litten said in the release.
Hanna said he also sees opportunities to possibly bring some new mortgage products into the fold at F.C. Tucker offices.
The partial acquisition is part of a broader strategy to make Howard Hanna Real Estate Services one of the fastest-growing firms in the nation.
In terms of transaction sides, Howard Hanna was already the third-ranked independent brokerage in the 2021 Real Trends 500 report. With 105,455 transaction sides in 2020, the company ranked only behind eXp Realty and Compass.
The company also achieved the seventh-largest sales volume of any real estate company last year, independent or otherwise, the report said.