With many of our competitors taking safe harbor during these tough economic times, we feel the timing is perfect to take advantage of our strong financial position to look for acquisition opportunities
Irvine, CA (PRWEB) March 16, 2010
Sperry Van Ness International (“SVNI”), one of the leading commercial real estate advisory & brokerage brands, covering more than 150 markets and 38 states, announced today that it reported profitable earnings for the year ending 2009. “We believe SVNI is one of the few national commercial real estate brands to achieve positive EBITDA in 2009. In addition to our strong financial performance in 2009, we are one of the few national firms that is debt free, has operating cash reserves, and maintains an untapped line of credit.” said Kevin Maggiacomo, President and CEO of Sperry Van Ness. He further added, “It is a testament to our business model and the quality of our franchisees and their advisors to have generated such a high level of production, despite the challenging market.”
While many firms in the industry are consolidating, Sperry Van Ness is again bucking the trend by announcing that aggressive expansion plans are underway. “We are successfully recruiting top performing brokers, awarding new franchisees in certain markets, and acquiring back rights to previously awarded, exclusive territories in other markets,” said Maggiacomo. “With many of our competitors taking safe harbor during these tough economic times, we feel the timing is perfect to take advantage of our strong financial position to look for acquisition opportunities,” noted Maggiacomo.
Prior to the financial crises, an affiliate of Sperry Van Ness International sold the assets of its corporate operations in Southern, California and Arizona. That transaction resulted in a dispute between Sperry Van Ness International and the new owner which have been satisfactorily resolved, the franchises terminated, and the territories reacquired by SVNI. Maggiacomo stated that, “Gaining back the rights to develop Southern California and Arizona gives us the opportunity to have greater control in how we tactically execute our growth strategy within these markets.”
Maggiacomo also stated that in addition to ongoing discussions with a number of quality firms to acquire new franchises, he is looking forward to announcing the registration of new franchises in Los Angeles with David Rich, San Diego with Jim Taylor, and Phoenix with Neil Sherman, all of whom are long time, Southern California and Arizona leaders in the Sperry Van Ness organization. “When you combine our strong, rapidly growing presence in Orange County led by Rand Sperry, Burton Young, Jack Carroll and John McDermott, with our unique model and stable business platform, Sperry Van Ness is well positioned for substantial growth,” Maggiacomo said.
To learn more about Sperry Van Ness please visit our website at http://www.svn.com, or call 1-888-311-0605
About Sperry Van Ness
Sperry Van Ness International, headquartered in Irvine, CA. Ranked the 11th most recognized commercial real estate brand in the US by the Lipsey Co., SVN is one of the largest commercial real estate franchisors in the world with franchisees in 3 countries, 38 states, and 153 markets. Sperry Van Ness franchisees and their Advisors have completed more than $39 Billion dollars in sales volume on more than 12,000 transactions in the last 4 years alone.
General media inquiries and interview requests should be directed to:
Sperry Van Ness International
18881 Von Karman Ave, Suite 800 | Irvine, CA 92612
Phone 888.311.0605 | Fax 949.606.8319