HomeServices of America Acquires The Long and Foster Companies

HomeServices of America, Inc., a Berkshire Hathaway affiliate, announced that it has acquired The Long & Foster Companies, Inc., the largest private residential real estate company in the United States by sales volume. The acquisition includes Long & Foster's family of companies, including Long & Foster Real Estate and its market-leading affiliated business lines in mortgage, settlement services, insurance, and property management. Financial terms of the transaction were not disclosed.

Wes Foster will remain with the company as Chairman Emeritus. Jeff Detwiler, Long & Foster's current president and chief operating officer, will assume the role of chief executive officer and, together with the existing team of enterprise and business line leaders, will oversee growth initiatives and continue to manage day-to-day operations.

"Finding the right partner to maintain the legacy, culture, and integrity of Long & Foster was of utmost importance to me," said Foster. "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," said Detwiler. "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."

The acquisition expands HomeServices' presence in the Mid-Atlantic region to Washington D.C. and Baltimore and extends its national footprint to Virginia and West Virginia. Adding the Long & Foster brand positions HomeServices to be the nation's largest home ownership services provider based on transactions, according to the 2017 Real Trends 500 report. With this transaction, HomeServices now has more than 41,000 real estate professionals operating in 30 states and the District of Columbia. In 2017, the company expects its sales associates to facilitate over $123 billion in residential real estate sales, nearly 340,000 home sale transactions, and nearly 200,000 mortgage, insurance, title, and escrow transactions.

"This is an important transaction for HomeServices and we are incredibly proud to have The Long & Foster Companies join the HomeServices family," said Ron Peltier, HomeServices' chairman and CEO. "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."