Minneapolis-based HomeServices of America is expanding in Florida with the acquisition of one of that state's top-five biggest brokerages.
The transaction includes Berkshire Hathaway HomeServices Florida Realty, which has 40 offices and about 1,750 sales agents and staff in 21 counties, and Florida Title and Guarantee Agency.
Terms weren't disclosed.
The deal is part of a long-term expansion strategy for HomeServices, which owns Twin Cities-based Edina Realty and is one of the nation's largest real estate holding companies and a subsidiary of Warren Buffett's Berkshire Hathaway. HomeServices also owns a network of independent Berkshire Hathaway franchises that include Florida Realty. With this deal, the company will become a wholly owned HomeServices of America company.
For the past several years the company has been acquiring locally owned brokerages that have strong brand recognition. In contrast to other large real estate holding companies that launch post-acquisition rebranding campaigns, HomeServices retains the name, image and leadership of its purchases.
So Rei Mesa, longtime president and CEO of Florida Realty, will retain responsibilities for strategic planning and growth, and the current leadership team will manage day-to-day operations.
"We are honored and excited to be joining HomeServices," Mesa said in a statement. "They are an outstanding organization with a world-class portfolio of real estate brands and an experienced leadership team. Becoming a member of the HomeServices family of companies gives us a unique opportunity to grow and better serve our customers, sales professionals, and employees."
Florida Realty is a full-service residential and commercial brokerage that also provides seasonal rentals, property management and concierge moving services to its clients.
HomeServices already owns Miami-based EWM Realty International and Jacksonville-based Berkshire Hathaway HomeServices Florida Network Realty, which HomeServices acquired in 2016.
Florida Realty is the first deal of the year for the company, following several key acquisitions in 2018 including Ebby Halliday Cos., the largest privately owned brokerage by sales volume in Texas.
This latest deal means that HomeServices will now have nearly 45,000 employees in about 925 offices in 30 states.
Ron Peltier, chairman and CEO of HomeServices of America, said in a statement that the Florida Realty culture, sales approach and leadership team aligns well with the company's other holdings.
"This is an important transaction to HomeServices and we are looking forward to welcoming Rei and his team to the HomeServices family," said Peltier.