Private equity-backed Cairn Real Estate Holdings LLC acquired Frisco, Texas-based brokerage and franchisor JP & Associates Realtors and JPAR Franchising.
JP & Associates and JPAR Franchising have more than 3,300 agents working in 61 offices in 23 states and completed more than 22,300 home sales in 2020, according to a press release.
Cairn is a partnership between Chairman and CEO Rick Davidson, who most recently served as global CEO of Realogy Real Estate Services Corp.’s Century 21 real estate unit, and private equity firm Aperion Management. The company will aim to provide a “nationally based seamless consumer experience in the home purchase and home sale process.”
Cairn plans to acquire and/or launch ancillary service providers, independent and franchise-branded brokerages and franchise platforms that use agent-compensation models ranging from traditional-split to transaction-fee models.
“Cairn Real Estate Holdings is incredibly excited to announce the acquisition of JPAR as our platform investment,” Davidson said. “The scale, reputation and market position of the company provides the foundational structure to grow a nationally based and highly competitive real estate services company.”
Davidson said that Cairn’s varied agent-compensation models will differentiate it from other firms.
“Many competitors across the industry have ‘committed to a lane,’ which can limit their ability to grow and expand,” he said. “Our commitment is to serve the agent and the consumer through local market companies who are focused on service, reputation and market position.”
JPAR was founded by Giuseppe ‘JP’ Piccinini in 2011 as a 100% commission-based model. JPAR Franchising was launched in 2018 and has franchisees in 23 states.