Latter & Blum Inc., as part of its continuing expansion into southwest Louisiana, announced today its merger with Lafayette-based Coldwell Banker Pelican Real Estate.
The financial terms of the deal were not disclosed.
Coldwell Banker Pelican’s residential division will join Van Eaton & Romero, Latter & Blum’s Lafayette-based residential real estate arm. Coldwell’s commercial division will join NAI/Latter & Blum.
The merger closed late Wednesday and is expected to take effect on Monday, says Latter & Blum President Rick Haase.
The move adds more than 130 residential and commercial agents, two offices in Lafayette, and one office in New Iberia to the Latter & Blum family of businesses. It also, adds Haase, strengthens Latter & Blum’s business in the energy corridor.
“As the real estate market has changed it’s become very important that we have a critical mass of size and scope of our business in order to continue to deliver all the tools and services, and support that our buyer and seller clients need and that our agents need,” Haase says.
Coldwell—traditionally a competitor of Van Eaton & Romero—served all of the Acadiana market.
The merger, according to Haase, will increase Latter & Blum’s total Greater Lafayette sales force and employee size to 325 people, and its total market share to just over 40%.
Latter & Blum acquired Van Eaton & Romero in 2012.
