Relocation Resources International Will Merge With Weichert Relocation Company; Move Strengthens Weichert's Position as Global Leader in Relocation Industry
MORRIS PLAINS, N.J.--James M. Weichert, founder and president of Weichert, Realtors and the Weichert family of companies, and Walter Hall, chairman and founder of Relocation Resources International (RRI), have jointly announced that RRI has reached an agreement in principle to merge with Weichert Relocation Company.
The transaction, which is subject to final approvals, is expected to be completed by mid-April.
The combined company will employ 550 colleagues, managing more than 25,000 relocating employees for approximately 400 clients. Headquartered in Morris Plains, N.J. the company plans to maintain service centers in Boston, Calgary, Chicago, Denver, Houston, London, Philadelphia and Wilton, Conn. A new office is scheduled to open this year in the Asia Pacific region.
"The combination of two of the finest privately owned relocation management firms in the nation will create a formidable force in the industry," said Steve Murray, publisher of REAL Trends, one of the real estate industry's leading trade publications. "Both RRI and Weichert Relocation are highly regarded firms that specialize in providing cost effective personalized relocation services to a wide variety of corporate clients. I would expect this combination would create a stronger competitive platform under which the combined firms can grow faster than they could have independently of each other. The leadership of both firms is well respected for their ability to stay close to their clients and for fine tuning their services to the specialized needs of the market. This is a key strategic move for both firms, cementing Weichert Relocation's position in the market and preserving the independent spirit of RRI that has been built over the last 25 years."
"There are numerous advantages to be realized by the combination of our two companies," said Aram Minnetian, president of Weichert Relocation. "First, and foremost, the new company will be the third largest relocation management company, and, as a consequence of its scope of operations and competencies, is ideally positioned to become the 'Preferred Relocation Management Company' to multi-national companies and Human Resource Outsourcing (HRO) firms. We firmly believe that the cultural, customer service, technology and financial synergies that will be achieved will allow us to realize our mission, which is to provide our clients with the best value in the relocation industry."
Hall added, "The greatest benefit is combining what Jim and I felt was the best, most experienced relocation professionals in the industry. It's a win-win-win proposition: better service and cost performance for our clients, enhanced career opportunities for our people and new growth markets for our businesses."
RRI will continue to operate under its original name for the near future. This decision is being made to ensure that RRI clients experience a continuation of the excellent service that they have grown accustomed to receiving. Minnetian added, "Weichert Relocation and RRI clients can expect that they will be serviced in accordance with their agreements by the same client service teams and relocation professionals that have managed their programs and serviced their employees in the past."
Following the closing of the transaction, Walter Hall will continue as the chairman of RRI and also will be appointed to Weichert Relocation's Advisory Committee. Joe Benevides will continue in his role as chief operating officer of RRI. Joe will report to Aram Minnetian, who will serve as president of both companies.
Weichert and Hall have known each other for over 25 years, first meeting in the 1970's when Weichert and Hall collaborated on various residential real estate training programs. Both men attributed this outcome to their shared visions and mutual respect for one another. In this regard, Hall said, "When I first met and worked with Jim, I predicted he'd make a great success of his life and business. I have been delighted to see my prediction come true, and I'm equally pleased to be working with him once again."
Weichert Relocation Company is a privately-owned, global relocation and assignment management firm offering comprehensive solutions to corporations and their employees. The service offerings include: outsourced management programs, relocation management services, assignment services, real estate management and resale services, financial services, payroll and tax services, consulting services and group move management services. Visit Weichert Relocation Company's website on the Internet at www.weichertrelocation.com.
