LIBERTY CORNER, N.J., December 3, 1998 - GMAC Home Services announced
today the acquisition of Eastern Massachusetts Real Estate, Inc.
("Carlson") and its subsidiary companies, Carlson Real Estate, Norwood
Real Estate and Landry, Lyons & Whyte located in Boston, New Hampshire
and western Massachusetts, respectively. The subsidiary companies are
franchises of Better Homes and Gardens® Real Estate Service. The
acquisition also includes the purchase of Carlson's mortgage company.
Terms of the transactions were not disclosed.
"We are excited to announce the Carlson purchase," said Allen Sabbag,
president of GMAC Home Services real estate division, "because it is our
plan to build and grow the Better Homes and Gardens Real Estate Service
network throughout New England around the Carlson company."
Dick Carlson, who will continue as president of Carlson Real Estate
said, "This is an exceptional opportunity. Our management and 1,250
sales agents have fully embraced the Better Homes and Gardens Real
Estate Service network as part of their tremendous success."
"We project sales volume in excess of $2.2 billion this year and we
expect to grow to more than $4 billion in the next several years. With
the strength and commitment of GMAC Home Services, we now have the
capability of creating one of America's leading real estate
organizations in Boston and greater New England," Carlson said.
Sabbag added, "GMAC Home Services is committed to providing Carlson
agents with the same high-quality marketing resources so that they can
focus on their business of representing home buyers and home sellers.
This includes, but is not limited to, offering standardized training
programs, supplying the best in technology services and furnishing the
agent with a wide array of home-related services to offer their current
and prospective clients."
Carlson is the second largest Better Homes and Gardens Real Estate
Service firm with projected sales volume for 1998 at $2.2 billion. It
is the No. 1 real estate company in New Hampshire and western
Massachusetts and No. 3 in Boston. The company has 54 offices and
nearly 1,250 agents in New England.
GMAC Home Services was formed in June of this year after the company
acquired the operating assets of Better Homes and Gardens Real Estate
Service from the Meredith Corporation.
Published: December 3, 1998
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