HomeServices of America, Inc. has acquired The Long & Foster Companies, adding the firm’s 11,000 agents and 230 offices primarily in the Mid-Atlantic, the company announced on Thursday. The acquisition includes Long & Foster Real Estate and its affiliates Long & Foster Insurance, Long & Foster Property Management, Long & Foster Settlement Services and Prosperity Mortgage. The regional leader, which ranked No. 3 in RISMedia’s 2017 Power Broker Report for sales, closed $ 28.9 billion in sales volume last year.
Long & Foster Co-Founder Wes Foster will remain on board as Chairman Emeritus, while President and CEO Jeff Detwiler will serve as CEO.
“Finding the right partner to maintain the legacy, culture, and integrity of Long & Foster was of utmost importance to me,” says Foster, who co-founded the company with Henry Long. “I couldn’t be more pleased that we are joining an organization known for its impeccable reputation and commitment to protecting brands. Joining HomeServices ensures that our history of market leadership and industry expertise continues.”
“The Long & Foster brand and its legacy of integrity and service will continue as it has for the past 50 years,” says Detwiler, who will continue managing the day-to-day operations of the company, as well as oversee growth initiatives. “Joining HomeServices makes us an even stronger company. HomeServices is an outstanding organization that shares our commitment to delivering exceptional customer service. This is a clear win for our clients, agents and employees.”
“This is an important transaction for HomeServices and we are incredibly proud to have The Long & Foster Companies join the HomeServices family,” says Ron Peltier, chairman and CEO of HomeServices. “Wes, together with his executive team, regional leaders, sales managers, and agents, has built an extraordinary organization that exemplifies an exceptional level of expertise, vision, and leadership. We are honored to be part of Long & Foster’s future and are committed to its continued growth and success.”
“This is a fantastic fit for Long & Foster, which will continue on in the great tradition its founder, Wes Foster, created,” says John Featherston, president, CEO and publisher of RISMedia. “Another strategic, strong move by HomeServices to bring on a highly-regarded, innovative, well-run organization.”
Financial terms of the transaction were not disclosed. The acquisition expands HomeServices’ footprint to more than 41,000 real estate professionals in 30 states and the District of Columbia. Long & Foster, headquartered in Chantilly, Va., serves Virginia, Maryland, the District of Columbia, West Virginia, North Carolina, Pennsylvania, Delaware and New Jersey.
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