HomeServices.Com Inc. announced today that it has purchased a majority interest in Prudential California Realty, from co-owners Steve Games, Nyda Jones-Church and John Aaroe. Games, Jones-Church and Aaroe will retain a minority interest and will continue to lead the company in their current capacities. Prudential California Realty is the nation’s largest, privately owned and operated franchised real estate company, with more than 3,100 sales associates and 71 offices. It ranks as the fifth-largest real estate brokerage company in the U.S. based on annual sales volume, which exceeded $12 billion in 2001. Prudential California Realty serves the southern California marketplace between Santa Barbara and the Mexican border.

“HomeServices’ entrance into the southern California market, with the Prudential California Realty team, positions us to aggressively capitalize on growth opportunities,” said Ron Peltier, president and chief executive officer of HomeServices. “Steve, Nyda, and John’s leadership and vision have resulted in an impressive track record for growth; their business philosophies and operating strategies are aligned with HomeServices and should result in a seamless transition.”

Peltier added, “The HomeServices’ network of companies now span from the east coast to the west coast where we are leaders in each of our markets. Our combined annualized sales volume exceeds $30 billion with more than 135,000 transaction sides across our 11 companies.”

“The complementary strategies and goals of Prudential California Realty and HomeServices were critical in reaching our decision to join HomeServices,” said Steve Games, founder, president and chief executive officer of Prudential California Realty. “I am most proud of the accomplishments delivered by our team of dedicated sales associates and employees over the years, as we have built a brand name clients have come to trust. Our goal has always been -- and will continue to be -- providing the highest level of customer service delivered through an agent-centric organization.”

“Looking to the future, technology will play a more significant role and leading-edge agent tools, as well as innovative products and services, will be a priority for both organizations to continue exceeding our customers’ expectations,” says Nyda Jones-Church, co-founder and chief operating officer of Prudential California Realty. “HomeServices’ strength and confidence in our vision will enable us to provide enhanced services to the markets we presently serve while continuing our growth in target markets.”

“HomeServices has a strong track record of success,” said Earl Lee, president, The Prudential Real Estate Affiliates. “They have a business philosophy of allowing their companies to operate independently, much like our successful entrepreneurial model, and they have committed to grow the Prudential California Realty brand in southern California. Their desire to acquire Prudential California Realty is a direct result of the years of hard work by Steve and Nyda to build their company, and a testament to the power of the Prudential Real Estate brand.” Prudential California Realty’s franchise agreement, recently extended through 2011, continues under HomeServices’ ownership, thereby solidifying the longest standing franchise relationship in the Prudential Real Estate network.

Published: March 20, 2002

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