CHICAGO—Officials from HomeServices of America, Inc., a Berkshire Hathaway affiliate, said late yesterday that the company had acquired Chicago-based Prudential Rubloff Properties and its subsidiaries Rubloff Insurance and Sterling Title Services LLC. Furthermore, HomeServices of America will merge the new acquisitions with Chicago-based brokerage Koenig & Strey Real Living Real Estate, which it acquired in September 2009. Each will retain their names until the combined company debuts in the spring as Berkshire Hathaway HomeServices KoenigRubloff Realty Group. Terms were not disclosed.
Prudential Rubloff has more than 860 sales associates and professional staff in the metro area, making it one of the largest brokers in the Chicago area. Through Rubloff Insurance and Sterling Title Services LLC., the company also provides title insurance and escrow services, and property and casualty insurance. In 2012, it had nearly $2.2 billion in sales volume.
Koenig & Strey Real Living also serves the Chicago metropolitan area and surrounding communities with more than 730 agents and staff. In 2012, Koenig & Strey had nearly $2 billion in sales volume. Company officials cited historical data provided by MRED, Chicago's MLS provider, and said the combined company captures the No. 2 market share position based on volume.
"Bringing together the leadership, resources and talent of these two companies uniquely positions them to deliver on their shared mission of providing an exceptional customer experience and creates an outstanding opportunity for introducing Berkshire Hathaway HomeServices to the Chicago market," said Ron Peltier, chairman and CEO of Minneapolis-based HomeServices of America, in a prepared statement.
The companies' current principals will lead the combined organization. Nancy Nagy will serve as chief executive officer of Berkshire Hathaway HomeServices KoenigRubloff Realty Group, Michael Pierson will serve as president and Chris Eigel will serve as chief operating officer.
With this acquisition, HomeServices of America has nearly 22,000 real estate professionals working in 25 states. In 2012, the company's associates facilitated more than $55 billion in residential real estate sales, nearly 193,000 transactions and more than 153,000 mortgage, insurance, title and escrow transactions.
"Combining Prudential Rubloff with Koenig & Strey represents a new chapter in the history of our great companies and is a game changer in Chicago real estate," said Nagy, the current president and CEO of Koenig & Strey Real Living. "I have tremendous respect for both Michael and Chris and look forward to working closely with them as we bring Berkshire Hathaway HomeServices KoenigRubloff Realty Group to the Chicago market."
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
