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MarketScreener Homepage  >  Equities  >  Nyse  >  Berkshire Hathaway Inc.    BRK.A

BERKSHIRE HATHAWAY INC.

(BRK.A)
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Delayed Quote. Delayed Nyse - 06/18 04:01:20 pm
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Berkshire Hathaway : Minneapolis-based HomeServices of America buys one of Florida's biggest brokerages

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01/11/2019 | 10:54pm EDT

Jan. 12--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'sBerkshire 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.

___

(c)2019 the Star Tribune (Minneapolis)

Visit the Star Tribune (Minneapolis) at www.startribune.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2019 277 B
EBIT 2019 29 700 M
Net income 2019 50 926 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 9,94
P/E ratio 2020 14,95
Capi. / Sales 2019 1,83x
Capi. / Sales 2020 1,78x
Capitalization 505 B
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 361 067 $
Spread / Average Target 17%
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Managers
NameTitle
Warren Edward Buffett Chairman & Chief Executive Officer
Marc D. Hamburg Chief Financial Officer & Senior Vice President
Charles Thomas Munger Vice Chairman
David Sanford Gottesman Independent Director
Walter Scott Independent Director
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