HomeServices of America, Inc announced the acquisition of Prudential Fox & Roach, the fifth largest provider of brokerage and related services in the United States.
Prudential Fox & Roach is one of the largest real estate brokers in northern Delaware.
The transaction includes its subsidiary, The Trident Group, which is comprised of financial services companies including Trident Mortgage Company, Trident Insurance and Trident Land Transfer Company. Terms were not disclosed.
HomeServices is a Berkshire Hathaway company headed by Warren Buffett.
Headquartered in Philadelphia, Prudential Fox & Roach is the largest residential broker in the Tri-State region of Pennsylvania, New Jersey and Delaware, and the largest single-market residential real estate brokerage in the U.S., with more than 4,000 sales associates in 62 offices.
The Trident Group provides one-stop shopping to its clients including mortgage financing, title insurance and escrow services, and property and casualty insurance. In 2012, Prudential Fox & Roach had more than $8.3 billion in sales volume and nearly 25,000 transactions; Trident Group originated $2.4 billion representing more than 9,800 home mortgages, closed nearly 6,000 title and escrow transactions, and had more than 7,200 property and casualty insurance transactions for a total of 48,000 transactions.
Prudential Fox & Roach retains its name until it transitions to the new Berkshire Hathaway HomeServices franchise brand in late fall of this year.
The acquisition marks HomeServices of America’s expansion in the Mid-Atlantic.
With the transaction, HomeServices of America has 30 brands and more than 21,000 real estate professionals operating in 24 states. In 2012, the company’s associates handled nearly $53 billion in residential real estate sales, nearly 186,000 transactions and nearly 153,000 mortgage, insurance, title and escrow transactions.
Larry Flick, chairman and CEO of Prudential Fox & Roach, Realtors/Trident Group, will continue in his current role running the day-to-day operations.
“We are proud to be a part of HomeServices of America,” said Flick. “We are joining an organization known for its strength and stability, one that is consistent with our high standards of service and integrity, making this a win/win for our customers and our sales associates.”
