NRT LLC, the largest residential real estate brokerage company in the United States and a subsidiary of Realogy Holdings (RLGY), announced the acquisition of Coldwell Banker United, Realtors in Texas, Florida, North Carolina and South Carolina.
Coldwell Banker United, Realtors has 60 offices and 2,000 affiliated sales associates, and after the acquisition will continue to operate under the Coldwell Banker brand as Coldwell Banker United, Realtors.
Financial terms of the deal were not disclosed.
According to NRT, Coldwell Banker United, Realtors accounted for approximately $5.8 billion in closed sales volume and over 23,400 transaction sides in 2014.
"This announcement marks NRT's entrance into important new markets and positions us to build on the success of Coldwell Banker United, Realtors' strong leadership team and the quality of its affiliated sales associates and employees," said Bruce Zipf, president and chief executive officer of NRT LLC. "This is a strategic acquisition for NRT, within our time-tested and disciplined financial return criteria, and timely in that it comes at the start of the spring home-selling season."
With the acquisition, NRT will gain 19 offices in Houston, 11 in Austin, and 3 near Dallas/Fort Worth, expanding its presence in the state of Texas.
This acquisition also connects NRT's presence contiguously from Maine to Florida with the addition of Coldwell Banker United, Realtors' 16 offices in North Carolina and South Carolina, the company said.
According to NRT, Coldwell Banker United, Realtors ranks among the market leaders in Charlotte, N.C., and Columbia, S.C., in both transaction sides and sales volume.
NRT also adds Coldwell Banker United, Realtors' 11 offices in the Florida Gulf Coast, where the firm is ranked No. 1 by sales volume and transactions.
"This announcement positions the No. 1 Coldwell Banker independent affiliate to be part of the No. 1 residential real estate brokerage in the nation, and I personally take great pride in that," said Coldwell Banker United, Realtors' founder Richard Smith.
"We have the same dedication to ethics, remarkable customer service, agent empowerment and community service that have been our hallmark over the past four decades, and I am highly confident our growth with NRT will continue to provide real estate consumers with outstanding value and service," Smith continued.
After the acquisition, Smith and the current regional management team will continue with Coldwell Banker United, Realtors.