Maine Real Estate Network sold to Portsmouth-based company
The Maine Real Estate Network Inc., the largest residential real estate company in Maine, has been purchased by Bean Group, a Portsmouth-based company with more than 915 real estate professionals operating in four states.
Financial terms of the transaction were not disclosed.
Headquartered in South Portland, the Maine Real Estate Network is the largest residential real estate brand by units in Maine and the 165th largest real estate brokerage company in the nation, according to the 2017 REAL Trends 500 report. The company has 550 agents in over 22 offices serving buyers and sellers in major markets across Maine. In the last year, The Maine Real Estate Network had $898 million in sales volume and more than 4,400 closed units.
Founded in 2009 by Loni Graiver, the network includes real estate brokerage, mortgage brokerage, home services and new home construction companies.
Ernie Whitehouse, the network’s COO, will remain with the company in than role and, together with the existing management team, will oversee growth initiatives and continue to manage day-to-day operations.
“Finding the right partner to maintain the legacy, culture, and integrity of The Maine Real Estate Network was of utmost importance to me,” Graiver said in a news release. “I couldn’t be more pleased that we are joining an organization known for its impeccable reputation and commitment to protecting brands, and maintaining our local family ownership and independence. Joining Bean Group ensures that our history of market leadership, brand independence and industry expertise continues.”
New owner is $2B company
The acquisition expands Bean Group’s presence in Maine, New Hampshire, Vermont and Massachusetts.
In its news release, Bean Group stated that adding the Maine Real Estate Network brand positions it to be the Northern New England’s largest home ownership services provider based on transactions, according to the 2017 Real Trends 500 report. With the transaction, Bean Group now has more than 915 real estate professionals operating in four states. In 2017, the company expects its sales associates to facilitate over $ 2.1 billion in residential real estate sales and nearly 8,400 home sale transactions.
“This is an important transaction for Bean Group, and we are incredibly proud to have The Maine Real Estate Network join the Bean Group family,” said Michael Bean, owner and CEO of the Bean Group. “Loni, together with his executive team, regional affiliate owners, sales managers, agents and staff, have built an extraordinary organization that exemplifies an exceptional level of expertise, vision, and leadership. We are honored to be part of The Maine Real Estate Network’s future and are committed to its continued growth and success.”
Assisting The Maine Real Estate Network in the transaction was Steve Murray and Scott Wright of Real Trends Consulting, Castle Rock, Colo.
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