A real estate brokerage firm which has already launched in the UK, Australia and the US, is coming to Canada.
Purple Bricks has agreed to acquire the commission-free networks DuProprio and Comfree (DPCF) for C$51 million with the deal expected to close this week.
The British firm was founded in 2014 and combines technology and local real estate experts to offer what is calls the next-generation real estate brokerage.
Global CEO Michael Bruce says there are similarities between the firm and DPCF.
“DPCF has developed a strong presence in Canada by delivering a flat-fee, cost-effective, professional real estate service challenging the conventional agency market. Their model of bringing a range of service packages and support, with access to expertise from coaches to legal professionals, is proving highly attractive to the Canadian public, and has aspects in common with the Purplebricks model and ethos in the U.K., Australia and the U.S.”
Acquisition will enable growth for Canadian team
DPCF operates the DuProprio brand in Quebec where it claims a 20.1% market share while its ComFree brand in the rest of Canada has a 2% share in Ontario and 2.3% in Western Canada.
It currently employs 400 people in offices in Québec, Montreal, Hamilton, Winnipeg, and Edmonton. It was acquired by Yellow Pages Digital & Media Solutions Limited in July 2015.
“We admire Purplebricks for what they have achieved across three continents in just four years,” said Marco Dodier, President and CEO of DuProprio. “We share the team’s ambition and desire to offer consumers a new and better way to buy and sell property. To have their support, expertise and financial backing will help propel DPCF to even greater heights and allow us to replicate our success in Québec across the rest of Canada.”