Business & Real Estate
- Published on Wednesday, 21 May 2014 01:03
- Written by Los Altos Town Crier Staff - Town Crier Report
Berkshire Hathaway affiliate HomeServices of America Inc. recently acquired Intero Real Estate Services and its affiliated franchise network, Intero Franchise Services. Terms of the acquisition were not disclosed.
Founded in 2002, Intero, a residential real estate brokerage firm, is based in Cupertino and has 13 offices throughout Santa Clara, San Mateo and San Benito counties. Since 2007, it has ranked in the top-five market share in Silicon Valley, based on volume. In 2013, Intero closed nearly 7,300 units, valued at $5.7 billion.
The Intero franchise network, comprising nearly 50 affiliates in California, Arizona, Nevada, Colorado, Texas, Tennessee and Alabama, generated more than $1.5 billion in sales in 2013. Intero Real Estate Services and the Intero franchise will each retain their name and existing branding.
“Intero is a strong company with an excellent reputation in a growth market,” said HomeServices Chairman and CEO Ron Peltier. “This transaction aligns with our vision of acquiring distinguished companies in leading markets that share our core values.”
Intero President and CEO Gino Blefari, along with the executive management team of Robert Moles, Tom Tognoli and John Thompson, will continue to lead Intero’s strategic planning and growth initiatives and manage day-to-day operations.
“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.”
The Intero acquisition is part of HomeServices’ ongoing expansion in California. HomeServices operating companies in the state include the Southern California-based Berkshire Hathaway HomeServices California Properties and the Fresno-based Guarantee Real Estate, acquired by the parent company in 2002 and 2012, respectively.
With the acquisition of Intero, HomeServices now has more than 23,000 real estate professionals operating in 25 states. In 2013, HomeServices’ associates closed nearly $56 billion in sales volume, accounting for more than 184,000 real estate transactions and approximately $3.7 billion in home mortgages.
For more information, visit interorealestate.com or homeservices.com.