hausdok Posted December 8, 2009 Report Share Posted December 8, 2009 ATLANTA, Dec. 7 Buyers Protection Group, Inc. ("BPG"), an Atlanta-based real estate services firm, has completed its acquisition of two businesses from LandAmerica Financial Group, Inc. ("LandAmerica"). The acquisition, which recently received regulatory approval, provides BPG with home warranty operations in 30 states and home inspection services in 14 states. The acquired companies will be transitioning to the BPG name in January. With a focus on the top 30 housing markets, BPG will maintain dual operations centers in Burbank, CA and Alpharetta, GA. The company currently has 280 employees and is expanding its sales force and home inspection professionals as part of a controlled expansion strategy. "Both companies have solid reputations and more than two decades of experience helping consumers and real estate professionals with their home purchase transactions," said BPG President and CEO, Revell Fraser. "Our ability to maintain strong local relationships and a healthy financial foundation has enabled us to take an independent path and purchase the companies." The home warranty and home inspection companies were previously owned by LandAmerica, a large real estate services company which filed for bankruptcy in November 2008, primarily due to problems in its title insurance and 1031 Exchange businesses. "Despite the financial struggles with LandAmerica and severe decline in the housing industry, the Home Warranty and Inspection subsidiaries remained profitable," added Fraser. "We were doing well in a very difficult environment and our employees remained committed to the business, so it was a natural decision to pursue buying the companies." LandAmerica Home Warranty Company, founded in 1987, provides one-year home warranties with significant concentrations in AZ, CA, and TX. LandAmerica began investing in the home inspection business in 2001, and is now the nation's largest employee-based residential and commercial inspection company. BPG partnered with The Stephens Group, a family-owned investment firm, on the transaction. The Company was advised by Croft & Bender LLC and Miller & Martin PLLC. # # # # Source: Buyers Protection Group via PR News Wire Quote Link to comment Share on other sites More sharing options...
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