Northwood Realty acquiring Berkshire Hathaway
The parent company of Northwood Realty Services said it is acquiring Berkshire Hathaway HomeServices The Preferred Realty and its related entities.
Everest Holding Company made the announcement Tuesday evening. The merger will result in a new grouping of companies known as Berkshire Hathaway HomeServices The Preferred Realty. A mid-August closing is expected.
The new company will be large, with 50 offices and more than 1,800 agents in 22 Western Pennsylvania counties. Last year, the brokerages combined generated $85 million in gross commissioned income.
Tom Hosack, president and chief executive officer of Northwood Realty Services, will serve in those positions with the new firm. James Saxon, president of The Preferred Realty, will be co-president and COO after the merger.
Wendy West of Northwood will remain as chairwoman of the board of directors and Ronald Croushore, CEO and owner of The Preferred Realty, will be vice chairman of the board.
“This is a win for all of us – and for consumers,” Hosack said in a prepared statement. “While it is bittersweet for us to retire the Northwood name, it’s important to remember that the legacy of Northwood is much more than a name. It is a solid foundation of culture and values that will continue for a long time.”