Charlotte-based Allen Tate is merging with the Pittsburgh real estate firm Howard Hanna.
The “partnership,” as the two companies describe the deal in a statement Thursday, makes the two the top residential real estate firm in Pennsylvania, Ohio, New York, and the Carolinas. Terms of the deal were not disclosed.
In a call with the Observer Thursday afternoon, Allen Tate President and CEO Pat Riley stressed that the deal is not an acquisition, but a mutual coming together of equals to broaden the two firms’ geographical reach.
“Nobody up there knows Tate,” Riley said, “and nobody down here knows Hanna.”
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“We did not sell out,” he added.
Judging from the firm’s burgundy-and-gold for-sale signs throughout the region, Allen Tate is ubiquitous in Charlotte. Founder Allen Tate helped build what is now Sharon Corners shopping center, paving the way development that has reshaped the SouthPark area in recent decades. Tate died in June 2015 at the age of 84.
After the Hanna deal, the Allen Tate name will remain in place, Riley said. That includes all of its branding and signage throughout the region, he added. The Allen Tate leadership team will remain in place, too.
The deal, Riley said, will allow thecompanies to share best practices, provide capital for Allen Tate’s additional growth in the Carolinas and help the companies to better serve their customers. The companies will also be combining their mortgage banking divisions as well as their insurance companies.
“We can do what we’ve always done, but better,” Riley said.
Allen Tate describes itself as the largest real estate company in the Carolinas. The company has 1,500 realtors throughout its network in the Carolinas, and employs 328 corporate workers, most of whom are in Charlotte.
Riley said the deal won’t result in layoffs or consolidations for either company.
In a statement, the two companies said their combining creates “an East Coast/Mid-Atlantic/Midwest giant with more than 11,000 agents and employees in 326 offices across nine states.” Combined, the two facilitated more than 119,000 home sales in 2017.
“This partnership will allow us to continue our dominance as the largest privately owned real estate organization in the country,” Hanna Holdings Inc. Chairman Howard “Hoddy” Hanna said.