Purplebricks is buying up DuProprio/ComFree (DPCF) in a £29.3m acquisition.
In what will mark its first move into the Canadian market, the online estate agent confirmed it will take over DuProprio/ComFree, which provides a commission-free real estate service network with an online offering.
Purplebricks stated the move offers “attractive opportunities to quickly grow market share in Canada”.
DPCF has a reputable market share with up to 20.2% in the province of Quebec and around 2.3% of the local real estate industry in Manitoba, Saskatchewan and Alberta. The company also recently launched in Ontario, where it now holds 2% of the market.
To fund its expansion, profits generated in Quebec and its own cash reserves will be used to pump an extra £15 million into DPCF to fund its Canadian expansion over the next two years.
Global chief executive of Purplebricks, Michael Bruce, said: “DPCF developed a strong presence in delivering a flat-fee, cost-effective, professional real estate service to the people of Canada, challenging the conventional agency market.
“Their model of bringing a range of service packages and support, with access to expertise from coaches to legal professionals, is proving highly attractive to the Canadian public, and has aspects in common with the Purplebricks model and ethos in the UK, Australia and the US.”
Purplebricks first expanded into the US nine months ago in Los Angeles and has since confirmed further roll-outs to Las Vegas and Phoenix.
