MERGERS AND ACQUISITONS
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REDC acquires Commerce Title from Pulte Homes
Irvine-based real estate services firm and auction company positions for expansion.
By Susan BelknappPublished: December 15, 2009 10:15 AM
Irvine-based Real Estate Disposition LLC (REDC), a real estate services firm and the nation’s largest real estate auction company, has signed a definitive agreement with Bloomfield, Mich.-based Pulte Homes Inc. to acquire the Commerce Title insurance agency platform.
The sale of the retail branch network of the Commerce Title brand and additional support assets is expected to close the first quarter of 2010, providing for regulatory and licensing approvals.
“REDC is excited about its entry into the title insurance agency segment,” says Jeffrey Frieden, CEO of REDC. “The Commerce Title retail platform, with its seasoned and successful team, is a great launching pad for our expansion into this market and will complement our other businesses nicely. We’re very excited about the opportunities ahead.”
REDC is partially owned by Greenwich, Conn.-based Stone Point Capital LLC, one of the country’s premier private equity firms. Stone Point’s business record and relationships will assist REDC in expanding its global reach.
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The sale of the retail branch network of the Commerce Title brand and additional support assets is expected to close the first quarter of 2010, providing for regulatory and licensing approvals. “REDC is excited about its entry into the title insurance agency segment,” says Jeffrey Frieden, CEO of REDC. “The Commerce Title retail platform, with its seasoned and successful team, is a great launching pad for our expansion into this market and will complement our other businesses nicely. We’re very excited about the opportunities ahead.” REDC is partially owned by Greenwich, Conn.-based Stone Point Capital LLC, one of the country’s premier private equity firms. Stone Point’s business record and relationships will assist REDC in expanding its global reach. NEXT PAGE >> Related headlines CT/KDF Community Development Partners closes $36 million Newport Beach's Stoneridge Capital buys retail center for $20 million Voit Real Estate tops local industrial deals Laguna Niguel's Raintree Partners makes $21 million acquisition Trumark Cos. moves forward with plans for new-home project in Brea Anaheim's Harbor Lofts auction is Dec. 1 |
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