The deal and funding come amid rapid expansion for Los Angeles-based The Agency. And the firm plans to use the new money to grow even more.
In a development that hints at major expansionist ambitions, fast-growing Los Angeles-based brokerage The Agency announced Tuesday that it has acquired tech-focused New York brokerage Triplemint, and that it raised $35 million in new funding.
In a statement, The Agency explained that it acquired Triplemint in an all-equity 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 stay on after the deal, becoming The Agency’s chief strategic officer and chief business officer, respectively.
Triplemint’s staff of about 75 people, as well as the company’s 250 agents, are also expected to make the transition to The Agency.
Walker said in the statement that “by bringing Triplemint and The Agency together” the 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 cutting-edge technology platform we’ve been developing over the past seven years, together we will completely raise the bar for our industry, offering agents and clients more value than ever before.”
The companies did not provide financial details of the acquisition beyond saying that it was entirely equity based. However, they did say in an email that company leaders at The Agency and Triplemint first began discussing a deal after appearing together on an Inman Connect Now panel last year.
In the statement, The Agency CEO Mauricio Umansky said that “the $35 million raise coupled with the acquisition of Triplemint positions us perfectly” for a new chapter.
“The Agency is focused on continued global expansion, choosing quality over quantity every time,” Umansky also said.
The statement notes that the $35 million in funding came form “strategic investors,” and says the money will go toward “strategic and sustainable global growth.”
The joint acquisition and funding announcement comes at a pivotal time for The Agency. Umansky founded the company in 2011 after leaving storied Los Angeles luxury brokerage Hilton and Hyland. The company quickly grew into a successful player in the high-end Los Angeles market. The Agency’s profile has risen even higher thanks to a starring role from Umansky’s wife Kyle Richards on The Real Housewives of Beverly Hills.
However, more recently The Agency has aggressively worked to grow beyond its Southern California roots. Over the last year, the company has opened new offices on both the East and West coasts, in 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. That brings the company’s total office count to more than 50 scattered across North America, the Caribbean and Europe.
There are also plans in the works to open an East Coast headquarters later this year, and the new funding and acquisition suggest the company has no intention of slackening the pace of its growth.
Meanwhile Walker and Philip Lang founded Triplemint in 2011 as well. The company has agents who work with consumers, but has also developed technology meant to help buyers find off-market properties and sellers to churn up more demand for their houses. The company has raised more than $20 million so far. In 2021, Triplemint did $1 billion in sales volume.
The Agency did more than $11 billion in sales volume in 2021.
In the statement Lang suggested Triplemint and The Agency will compliment each other well as they continue to grow.
“It is entirely 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 for an agent to hang their hat. Through this partnership, we’re providing real, tangible value and resources so that agents can better advise their clients.”