December 16, 2018

Buffet’s HomeServices Buys Prudential Connecticut Realty

Wednesday, April 11, 2012, 2:00pm

Buffet’s HomeServices Buys Prudential Connecticut Realty

By Colleen M. Sullivan

Commercial Record Staff Writer

HomeServices of America Inc., a subsidiary of Warren Buffet’s Berkshire Hathaway, has bought Prudential Connecticut Realty (PCR) – the first such acquisition in the northeast for HomeServices, the second-largest brokerage firm in the country.

“We’re very excited,” Prudential Connecticut President Candace Adams told The Commercial Record. “Warren Buffet only seeks out companies that are well-run and have good leadership.”

Adams and PCR Chairman Peter Helie will remain in their current roles. Prudential Connecticut will retain its current brand and its relationship with its franchisor, Brookfield Properties. Canadian firm Brookfield, one of the largest franchisors in the industry, acquired the Prudential brand in December 2011.

“The Brookfield affiliation brought some depth to the franchise for us. This gives us the best of both worlds, because now we have the breadth and depth of Berkshire Hathaway,” Adams said.

She indicated that the brokerage will be looking to expand its presence throughout New England in the wake of the acquisition. The firm already has two offices in Rhode Island, in Westerly and Watch Hill.

Prudential Connecticut’s 1,400 associates and 50 offices across the state will be added to HomeServices’ existing 16,000 agents operating under 23 different brands, including several other Prudential franchises. In 2011, Prudential Connecticut Realty had $2.5 billion in sales.

“Prudential Connecticut is among the leading real estate companies in the U.S and closely aligns with our corporate vision, our culture of integrity, and our emphasis on customer value and results,” HomeServices Chairman and CEO Ron Peltier said in a statement. “[Helie] and [Adams] are highly regarded for their leadership skills, real estate experience and acumen, and unwavering commitment to delivering an exceptional customer experience.”