The Real Deal Miami

Keyes acquires Boynton Beach brokerage

Deal adds 23 agents to Keyes’ Illustrated Properties office in Manalapan
June 14, 2018 08:45AM

Mark Bardo, Joy Linet, Mary Prince, Robert Sauer Jr., Virginia Spencer and Steven Reibel

The Keyes Company is again expanding.

Keyes’ Illustrated Properties closed on the acquisition of Palm Beach County Realty Group of Boynton Beach, marking the seventh firm Keyes has acquired over the past year, according to a press release.

The deal adds 23 agents to Illustrated’s Manalapan office at 230 South Ocean Boulevard. The Boynton Beach firm, led by Robert Sauer Jr. and Mary Prince, was founded in 2011. It closed more than $20 million in sales last year.

Keyes typically pays between two and six times a firm’s EBITDA, or earnings before interest, tax, depreciation and amortization, for a brokerage, Keyes CEO Mike Pappas previously said. He attributes increased consolidation of real estate brokerages to tightening business margins.

Keyes purchased the Stuart-based The Real Estate Company Inc. in May, and Aventura-based Rickenback Realty and Boynton Beach-based The Realty Pros earlier this year. – Katherine Kallergis