Compass is once again acquiring settlement services providers. The New York-based brokerage announced Tuesday it has signed an agreement to acquire Consumer’s Title Company of California.
The financial terms of the deal were not disclosed.
Consumer’s Title was founded in 2007 and is licensed in all of California’s 58 counties. The title insurer employs 40 escrow, title and sales managers throughout its three offices: Westlake Village and Santa Clarita in southern California, and Gold River, near Sacramento.
“Compass and Consumer’s Title both believe that pairing talented professionals with the best technology can make the title and escrow process more efficient and transparent for home buyers,” Brian Troop, the CEO of Consumer’s Title said in a statement.
Troop – as well as Joe Beckerle, the president of Consumer’s Title, and Meagan Sullivan, the firm’s executive vice president and general manager – will retain their roles through the acquisition. In addition, the firm will also keep its name and branding.
“I am thrilled to welcome Consumer’s Title to Compass as we work to expand our closing services business throughout the state of California and beyond,” Pooneet Kant, the SVP of new business at Compass said in a statement.
With its latest acquisition, Compass now has settlement service providers in California, Colorado, Florida, Washington State, Maryland, Pennsylvania, New Jersey, Virginia, Texas and Washington D.C.
During the fall of 2021, the brokerage went on an acquisition spree, acquiring three title companies in less than a month. Compass first began expanding into title and escrow services in October 2020 with its acquisition of Seattle-based title and escrow start-up Modus. A few months later, the Robert Reffkin-helmed brokerage struck up a deal with Washington D.C.-based KVS Title.
Founded in 2012, Compass became the first brokerage to top the RealTrends 500 rankings within a decade of opening after the brokerage generated more than $250 billion in sales volume in 2021. Despite this success, the brokerage lost $494 million in 2021. Compass is set to announce its first quarter earnings May 12.
