Lodge Real Estate announced today that Barfoot & Thompson has taken a 50% shareholding in the company, effective from 30 June 2022.
The Auckland-based real estate agency bought the full shareholding off David Couch. Managing director Jeremy O’Rourke remains a 50% shareholder.
“After 52 years with Lodge, David Couch has decided it is time to retire fully and sell down his fifty percent holding in the company. While we are sad to see David step down, it is also an exciting time for our Lodge team,” says O’Rourke.
He adds that the change in shareholding will not affect day-to-day operations.
“Our staff, agents and clients won’t see any material changes. We will retain the Lodge Real Estate brand and our team remains the same.”
Barfoot & Thompson managing director Peter Thompson says the investment in Lodge is part of a long-term investment strategy to become a significant participant in the Auckland, Hamilton, Tauranga economic triangle.
“This area is increasingly becoming more interdependent and closely aligned, and our business plan is to participate in its growth. Over time, we will also become less dependent on Auckland.
“Lodge’s strong leadership, marketing innovation and powerful brand are valuable assets.
“Jeremy and David have built a strong company with tremendous success. Jeremy has a great marketing eye and an equally brilliant real estate brain. Having him continue in the managing director role, operating under the same strong brand and retaining his excellent team is critically important to us as we move forward in partnership.”
Thompson says while the investment into Lodge was a strategic initiative, an equally important factor was that the two companies’ values aligned.
“When David Couch approached me to consider purchasing his shares, I was honoured. That’s because our two companies have similar values. We are both focused on our people, we’re family-owned, we have strong market share, we care and contribute to our communities in meaningful ways and are totally committed to customer satisfaction,” says Thompson.
O’Rourke says the partnership opens up new business opportunities for both market leaders.
“I believe over time our two companies can use our collective experience and strengths to go after new opportunities in the market. For instance, the imminent opening of the Waikato Expressway means Auckland is closer than ever before to our Hamilton base, and this presents the chance for our teams to work together to secure business along the Waikato-Auckland corridor,” explains O’Rourke.
