Desjardins purchases DuProprio and Purplebricks Canada for $ 60.5 million

Desjardins starts selling residential properties. For $ 60.5 million, the cooperative is grappling with DuProprio and Purplebricks Canada, and will now be able to offer a turnkey service with the sale of houses, mortgage loans and insurance.

On Wednesday, the British company Purplebricks Group confirmed that it had sold these property divisions to the financial institution in Lévis. With this transaction, DuProprio becomes a Quebec company again.

“Thanks to our competitive mortgage financing offer and this new acquisition, we will continue to support people, whether they choose a broker or a service without intermediaries,” said Guy Cormier, President and CEO of Desjardins Group. Gardens.

Together, DuProprio and Purplebricks Canada have 500 employees across the country, including more than 300 in Quebec. In addition to Quebec, these companies have offices in Ontario, Manitoba and Alberta.

It was Desjardins who knocked on the door of the company Purplebricks Group to carry out this transaction.

Other transactions

In 2018, the Yellow Pages group sold its subsidiary DuProprio and its Canadian division ComFree, now known as Purplebricks Canada, to the British company specializing in commission-free real estate brokerage for $ 51 million.

At the time of this announcement, the management of Purplebricks said that it planned to invest approximately $ 26 million in Canada over the next two years to support the group’s growth.

Founded in Lévis in 1997, the DuProprio brand, whose head office is located on the South Shore of Quebec, had been sold to Yellow Pages in 2015.

Desjardins anticipates that the activities of DuProprio and Purplebricks Canada will continue to be managed by the teams in place. There are no cuts in the plans and commercial agreements should be respected.

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Note that for the cooperative, this is a first foray into the world of property sales. According to Desjardins, DuProprio collaborates on approximately 20% of transactions in the Quebec market.

Back in Quebec

As for the management of DuProprio, whose website has more than 20,000 properties for sale, the management said in a press release that it is happy to become a Quebec business again.

“We are a service that was created by and for Quebecers, in order to offer an innovative and positive alternative for all those who wish to sell their property without intermediaries. We will continue to do everything in our power to satisfy our customers and allow Quebec families to get the most benefit from the sale of their property, ”said Marco Dodier, President and Chief Executive Officer.

DuProprio offers a real estate sales service without intermediaries. As for the entity Purplebricks Canada, it offers real estate brokerage services at fixed costs.

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