One of South Florida’s largest independent brokerages acquired Skye Louis Realty, a boutique firm in Broward and Palm Beach, as it continues expanding throughout the state.
The Keyes Company acquired the 140-agent company, which has and will keep its offices in Coconut Creek and Delray Beach. Skye Louis is led by owner Jud Henry and closes about $200 million in annual dollar volume, according to a press release. Keyes senior vice president Steven Reibel led the acquisition.
Henry said in the release that the firm was approached with acquisition offers from other brokerages over the last six months.
“These days, a profitable boutique firm like ours is a ripe target for acquisition,” he said.
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Brokerages across South Florida have been expanding in recent years. The Keyes Company is the largest firm by headcount, and a recent analysis by The Real Deal revealed the brokerage grew its agent base by 12 percent during the pandemic, with more than 2,900 agents in Miami-Dade, Broward and Palm Beach counties as of April.
Keyes has been in growth mode ever since its merger with Illustrated Properties in 2016, expanding in Boca Raton, Fort Lauderdale and Boynton Beach.
Keyes CEO Mike Pappas said the firm is exploring growing outside of South Florida. Pappas said there are “definitely some opportunities for mergers, fold-ins and consolidation” as the market begins to slow.
Katherine Kallergis contributed reporting.