HomeServices of America, Inc. Announces Acquisition of Prudential Rubloff Properties Represents significant expansion in the Chicago-area market
MINNEAPOLIS (November 12, 2013) – HomeServices of America, Inc., a Berkshire Hathaway affiliate, today announced the acquisition of Prudential Rubloff Properties and its subsidiaries Rubloff Insurance and Sterling Title Services LLC. Prudential Rubloff Properties and its subsidiaries will merge with Chicago area brokerage Koenig & Strey Real Living Real Estate, which HomeServices acquired in September 2009. Each will retain their names until the combined company transitions in spring 2014 to become Berkshire Hathaway HomeServices KoenigRubloff Realty Group. Terms were not disclosed. Headquartered in Chicago, Ill., Prudential Rubloff Properties is one of the largest brokers in the Chicago area market, with more than 860 sales associates and professional staff located throughout Chicago metropolitan area and surrounding communities as well as a branch office in New Buffalo, Michigan serving the Northwest Indiana and Southwest Michigan. Through Rubloff Insurance and Sterling Title Services LLC., the company provides one-stop shopping to its clients, including title insurance and escrow services, and property and casualty insurance. In 2012, Prudential Rubloff Properties had nearly $2.2 billion in sales volume. Koenig & Strey Real Living serves the Chicago metropolitan area and surrounding communities with more than 730 agents and staff. In 2012, Koenig & Strey had nearly $2 billion in sales volume. The transaction unites the two companies, creating an organization with nearly 1,600 real estate professionals and staff providing customers throughout the Chicago metropolitan area and surrounding communities with exceptional strength and resources to help them buy and sell their homes. In 2012, the combined firm closed more than $4 billion in sales volume. Based on historical data provided by MRED, Chicago’s MLS provider, the combined company captures the No. 2 market share position based on volume. The companies’ current principals will have leadership positions in the combined organization. Nancy Nagy will serve as chief executive officer of Berkshire Hathaway HomeServices KoenigRubloff Realty Group, Michael Pierson will serve as president and Chris Eigel will serve as chief operating officer.
“Nancy, Michael and Chris are each highly regarded for their leadership skills, their real estate experience and their unwavering commitment to their agents, employees and buyers and sellers,” said Ron Peltier, chairman and CEO of HomeServices of America. “Bringing together the leadership, resources and talent of these two companies uniquely positions them to deliver on their shared mission of providing an exceptional customer experience and creates an outstanding opportunity for introducing Berkshire Hathaway HomeServices to the Chicago market.” With this transaction, HomeServices of America has nearly 22,000 real estate professionals operating in 25 states. In 2012, the company’s associates facilitated more than $55 billion in residential real estate sales, nearly 193,000 transactions and more than 153,000 mortgage, insurance, title and escrow transactions. HomeServices of America’s growth strategy focuses on identifying market-leading companies that have established deep and enduring reputations within their community and long-standing traditions for excellence. “Combining Prudential Rubloff with Koenig & Strey represents a new chapter in the history of our great companies and is a game changer in Chicago real estate,” said Nancy Nagy, president and CEO, Koenig & Strey Real Living. “I have tremendous respect for both Michael and Chris and look forward to working closely with them as we bring Berkshire Hathaway HomeServices KoenigRubloff Realty Group to the Chicago market.” “By being part of HomeServices and joining forces with Koenig & Strey, we will be unmatched in our ability to serve the real estate needs of our new and existing clients,” said Michael Pierson, president and chairman, Prudential Rubloff Properties. “This brings together two legendary companies to create one magnificent future.” “HomeServices is an organization known for its strength and stability, which is consistent with our standards of integrity, work ethic and creativity, making this a win/win for our customers and our sales associates,” said Chris Eigel, chief executive officer Prudential Rubloff Properties. “This is an important transaction to HomeServices and we are looking forward to having Michael, Chris and their teams join the HomeServices family,” Peltier said.