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HomeServices purchases Long & Foster, bolsters Mid-Atlantic presence

Long & Foster LogoHomeServices of America Inc., a Berkshire Hathaway affiliate, purchased the nation’s largest residential real estate company and a powerhouse in the Baltimore region, Virginia-based Long & Foster Real Estate and its affiliated businesses.

The companies announced the deal on Thursday afternoon, but did not disclose financial details. Vicki Bendure, a spokeswoman for the Long & Foster Cos,. said the acquisition will not change the day-to-day operations of Long & Foster Real Estate

“It’s just business as usual,” Bendure said.

Agents, executives and branding for the firm are all expected to stay in place, she said, adding that HomeServices has purchased real estate firms across the country and left them largely intact. Wes Foster will remain the company’s chairman emeritus, and he expressed confidence the move is for the best of his company.

“Finding the right partner to maintain the legacy, culture, and integrity of Long & Foster was of utmost importance to me,” Foster said in a statement. “I couldn’t be more pleased that we are joining an organization known for its impeccable reputation and commitment to protecting brands

Long & Foster Real Estate has 11,000 agents in 230 offices in the Mid-Atlantic region that includes Maryland, Washington and Virginia. Last year the company totaled $29 billion in sales volume across 81,000 real estate transactions.

HomeServices’ purchase of the property allows that brand more reach into the Mid-Atlantic and positions the company to be the largest homeownership services provider in the nation based solely on transactions. Following the deal HomeServices now has agents in 30 states and Washington. The company expects to produce $123 billion in residential real estate sales and 340,000 home sales transactions in 2017.

“This is an important transaction for HomeServices and we are incredibly proud to have The Long & Foster Companies join the HomeServices family. We are honored to be part of Long & Foster’s future and are committed to its continued growth and success,” Ron Peltier, HomeServices’ chairman and CEO said in a statement.

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