The deal and funding comes amid rapid expansion for Los Angeles-based The Agency. And the company plans to use the new funds to grow even further.
In a development that hints at major expansionist ambitions, fast-growing Los Angeles-based brokerage The Agency announced on Tuesday that it has acquired New York-based tech-focused brokerage Triplemint and has raised $35 million in new funds.
In a statement, the Agency explained that it had acquired Triplemint in an all-stock deal. Triplemint will now rebrand to use The Agency name, while The Agency will begin using Triplemint’s proprietary technology. Additionally, Triplemint co-founders David Walker and Philip Lang will remain after the deal, becoming the Agency’s chief strategic and chief commercial officer, respectively.
Triplemint’s staff of around 75, as well as the company’s 250 agents, are also expected to transition to The Agency.
Walker said in the statement that “by bringing Triplemint and The Agency together,” companies can create a better experience for agents and consumers.
“The agency is the most powerful brand in luxury real estate,” Walker added. “Combined with the industry-leading technology platform we have developed over the past seven years, together we will completely raise the bar for our industry, providing agents and customers with more value than ever before.”
The companies did not provide financial details of the acquisition beyond that it was entirely equity-based. However, they said in an email that the chief executives of The Agency and Triplemint began discussing a deal after appearing on an Inman Connect Now panel together last year.
In the statement, Agency CEO Mauricio Umansky said “the $35 million increase coupled with the acquisition of Triplemint positions us perfectly” for a new chapter.
“The Agency is focused on continued global expansion, always choosing quality over quantity,” Umansky also said.
The statement notes that the $35 million in funding is coming from “strategic investors” and says the money will go towards “strategic and sustainable global growth.”
The joint announcement of the acquisition and financing comes at a pivotal time for the Agency. Umansky founded the company in 2011 after leaving famed Los Angeles-based luxury brokerage Hilton and Hyland. The company quickly became a successful player in the upscale Los Angeles market. The Agency’s profile was further raised thanks to the starring role of Umansky’s wife, Kyle Richards, in The Real Housewives of Beverly Hills.
However, more recently, the Agency has worked aggressively to expand beyond its roots in Southern California. Over the past year, the company has opened new offices on the east and west coasts of Canada, as well as in various other regions such as Colorado and Hawaii. Tuesday’s statement notes that in total, the company opened 11 new offices in 2021 and six so far this year. This brings the company’s total number of offices to more than 50 across North America, the Caribbean and Europe.
There are also plans to open an East Coast headquarters later this year, and the new funding and acquisition suggest the company has no plans to slow the pace of its growth.
Meanwhile, Walker and Philip Lang also founded Triplemint in 2011. The company has agents who work with consumers, but has also developed technology to help buyers find off-market properties and sellers increase demand. for their homes. The company has already raised over $20 million. In 2021, Triplemint achieved $1 billion in sales volume.
The Agency achieved over $11 billion in sales volume in 2021.
In the statement, Lang suggested that Triplemint and The Agency will complement each other well as they grow.
“It’s quite rare that two companies can come together and provide everything the other needs to grow and thrive,” Lang noted. “The Agency and Triplemint share the same vision that a brokerage should be more than a place where an agent can hang their hat. Through this partnership, we provide real, tangible value and resources so agents can better advise their clients.
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Email Jim Dalrymple II