HomeServices of America, Inc., a Berkshire Hathaway affiliate, officially announced Tuesday the acquisition of Intero Real Estate Services, one of Silicon Valley’s largest and fastest growing residential real estate brokerage firms, and Intero Franchise Services, its affiliated franchise network. Terms were not disclosed.
Headquartered in Cupertino, Intero serves Northern California in 13 offices throughout the San Mateo, Santa Clara and San Benito counties. Since 2007, Intero Real Estate Services has consistently ranked in the top 5 market share in Silicon Valley, based on volume and in 2013, closed nearly 7,300 units and $5.7 billion of volume. The Intero franchise network, which is comprised of nearly 50 affiliates located in Alabama, Arizona, California, Colorado, Nevada, Tennessee and Texas, generated more than $1.5 billion in sales volume in 2013. Intero Real Estate Services and the Intero franchise will each retain their name and existing branding without change or interruption.
“Intero is a strong company with an excellent reputation in a growth market,” said Ron Peltier, chairman and CEO, HomeServices. “This transaction aligns with our vision of acquiring distinguished companies in leading markets that share our core values.”
“This transaction makes one of the premier firms in northern California an even stronger organization,” said Gino Blefari, president and CEO of Intero. “By joining forces with HomeServices, we will be unmatched in our ability to serve the real estate needs of new and existing clients throughout the communities we serve.”
Founded in 2002, Intero has experienced rapid year-over-year growth and is best known for its innovative approach through its technology platform and its unwavering commitment to providing their agents and clients with the highest level of customer service, expertise and resources. Blefari is among real estate’s most recognized and influential leaders, known for his industry expertise, vision and leadership. Blefari, together with the executive management team of Robert Moles, Tom Tognoli, and John Thompson will continue to lead Intero’s strategic planning and growth initiatives as well as manage the day-to-day operations along with their sales management teams.
“We are proud to be part of HomeServices of America,” said Moles, chairman of Intero Real Estate Services. “We are joining an organization known for its strength and stability; one that is consistent with our high standards of service, integrity and community involvement, making this a win/win for our customers and our brokers.”
HomeServices is the second-largest, full-service residential real estate brokerage firm and through its operating companies, is one of the largest brokerage-owned settlement services providers in the U.S. The acquisition represents HomeServices’ expansion of its presence in California, which also includes southern California-based Berkshire Hathaway HomeServices California Properties and Fresno-based Guarantee Real Estate which HomeServices acquired in 2002 and 2012, respectively.
With this transaction, HomeServices has more than 23,000 real estate professionals operating in 25 states. In 2013, HomeServices’ associates closed nearly $56 billion in sales volume, over 184,000 real estate transactions and closed approximately $3.7 billion in home mortgages.
“We are excited to be in Silicon Valley and are looking forward to having the Intero Real Estate team join the HomeServices family,” Peltier said.