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Coldwell Banker Burnet Announces Acquisition of RHS Realty
Company Strengthens Position in Southern Twin Cities Market
EDINA, Minn. - June 10, 2008
Coldwell Banker Burnet, a leading residential real estate company in the Twin Cities metropolitan area and western Wisconsin, announced today that it has acquired the assets of privately held RHS Realty LLC, which is comprised of four offices in Minnesota. RHS Realty will now operate as Coldwell Banker Burnet.
Robin Peterson, president and COO of Coldwell Banker Burnet, said, "We are very proud to welcome the talented sales professionals from RHS Realty to Coldwell Banker Burnet. We believe this acquisition will strengthen our position as the premier full-service real estate company in the southern Twin Cities suburbs and communities and enhance our presence in the northwest suburbs."
Tony Ashworth, president of RHS Realty, will serve as a business development manager for Coldwell Banker Burnet. Ashworth said, "This is an exciting move for our sales associates and a great fit. Our two companies have a similar business philosophy and value structure, with a strong emphasis on full service. We're confident that this union will enhance our ability to serve home buyers and sellers in the local market."
Coldwell Banker Burnet, which was founded in 1973, operates 26 offices and has more than 2,300 sales associates throughout the market. Last year, the company accounted for more than $5.3 billion in closed sales volume and was ranked No. 1 on the Minneapolis-St. Paul Business Journal's list of top 25 residential real estate companies.
RHS Realty, which was founded in 1996, has been recognized for its rapid growth since its inception and was named to the Minneapolis-St. Paul Business Journal's "Growth 50" in 2005 and 2006. The Business Journal also named RHS Realty to its list of the "Best Places to Work" in 2007. During the last 12 months, RHS Realty's 177 sales associates were responsible for a combined $250 million in closed sales volume.
Coldwell Banker Burnet is headquartered in Edina, Minn., and serves Minnesota and western Wisconsin. For more information, please visit Coldwell Banker Burnet's Web site at www.CBBurnet.com or call 952-820-HOME (4663). Coldwell Banker Burnet is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy, operates Realogy's company-owned real estate brokerage offices.
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