HomeServices of America Inc., a Berkshire Hathaway affiliate based in Minneapolis, has acquired The Long & Foster Cos Inc., the largest private residential real estate company in the U.S. in terms of sales volume.
The acquisition of the Chantilly-based Long & Foster, announced Thursday, includes its family of companies, such as Long & Foster Real Estate and its affiliated business lines in mortgage, settlement services, insurance, and property management. Financial terms of the transaction were not disclosed.
Wes Foster, Long & Foster’s co-founder, will remain with the company as chairman emeritus. Jeff Detwiler, Long & Foster’s current president and CEO, will assume the role of chief executive officer, managing the day-to-day operations.
“Finding the right partner to maintain the legacy, culture and integrity of Long & Foster was of utmost importance to me,” Foster said in a statement. “… Joining HomeServices ensures that our history of market leadership and industry expertise continues.”
