Real Estate Disposition LLC (REDC), a real estate services company and the one of the nation's largest real estate auction companies, has signed a definitive agreement with Pulte Homes Inc. to acquire the Commerce Title retail title insurance agency platform. The Commerce Title brand, retail branch network, and certain additional support assets are included in the sale. Subject to regulatory and licensing approvals, the sale is expected to close in the first quarter of 2010.
"REDC is excited about its entry into the title insurance agency segment," said 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 part-owned by Stone Point Capital LLC, one of the nation's premier private equity firms whose experience and relationships assist REDC in expanding its business worldwide.
"This is a good transaction for both companies as it allows Pulte to focus on its builder title operations while providing new growth opportunities for the Commerce Title retail team" said Debra W. Still, who oversees Pulte's financial services operations.
Approximately 130 Commerce Title retail employees will transition with the sale. Headquarters for the Commerce Title retail operation acquired by REDC will be located in Dallas, Texas. Pulte will retain that portion of the Commerce Title operations that support its new home sales, and the headquarters for those operations will also remain in Dallas. Commerce Title was formerly a subsidiary of Centex Corporation, which merged with Pulte effective Aug. 18, 2009.
For more information, visit www.redcgroup.com, www.stonepoint.com or www.pulte.com.