Press Release: Prudential Financial
October 2,2001
IRVINE, CA -- Prudential Financial announced yesterday that Prudential Real Estate and Relocation Services has
acquired CitiCapital Relocation Inc., the third largest relocation management business in the U.S. and the industry's
largest provider of government-sponsored moves.
CitiCapital Relocation, based in Irving, Texas, was part of CitiCapital, a unit of Citigroup. The sale closed on
September 30, 2001 and terms of the deal were not disclosed.
Prudential Real Estate and Relocation Services, based in Irvine, Calif., is the second largest provider of comprehensive
global relocation services to institutional clients throughout the U.S. and is one of the largest real estate brokerage
franchise networks in North America.
``We have looked closely at CitiCapital Relocation and have found it to be a natural fit for Prudential Financial's
relocation business. This company is a market leader, with a high-quality client base and talented staff,'' said
John Van Der Wall, CEO, Prudential Real Estate and Relocation Services.
``CitiCapital has a strong, consistent track record, a highly regarded business model, and strong relationships
with its clients and employees. We believe this acquisition will further strengthen our leadership in the relocation
industry and provide us with an expanded and more versatile platform to implement our global business strategy,''
said Van Der Wall.
Prudential Real Estate and Relocation Services has one of the largest overseas operations in the relocation industry.
In the past few months, the company completed two international acquisitions: Karen Deane Relocations in the U.K.
and Corporate Relocations France. It has also established a new office in Hong Kong.
In addition, Prudential Real Estate and Relocation Services has recently added two proven industry leaders to the
senior management team. Margery Marshall recently joined as president of the relocation business and John Heithaus
was named senior vice president for product and partner development.
In August 2001, Prudential Real Estate and Relocation Services also opened a new state-of-the-art relocation service
and operations facility in Phoenix, Arizona. The migration of its employees from around the country to this facility
should be completed by March 2002.
Prudential Real Estate and Relocation Services, a business of The Prudential Insurance Company of America, is an
integrated real estate brokerage franchise and relocation services business. The real estate group markets franchises
primarily to existing real estate companies. As of December 31, 2000, there were approximately 1,585 franchise
offices and 42,000 sales professionals in the franchise network in the U.S. and Canada. Most franchisees are independently
owned and operated. Prudential's real estate franchise group network has grown significantly since it began offering
franchises in 1988 and is now one of the largest real estate brokerage franchise networks in North America.
Prudential Financial's relocation group offers institutional clients a variety of service in connection with the
relocation of their employees. These services include coordination of appraisal, inspection and sale of relocating
employees' homes, equity advances to relocating employees, assistance in locating a home at the relocating employee's
destination, household goods moving services and client cost-tracking and a variety of relocation policy and group
move consulting services.
Prudential Financial's relocation group is the second largest provider of comprehensive global relocation services
in the United States as of December 31, 2000, according to Relocation Information Services. In 2000, Prudential
Relocation completed more than 196,000 service transactions to more than 56,000 transferees of its corporate clients.
Prudential Relocation has an established client base, ranging from Fortune 500 companies to U.S. government agencies.
CitiCapital, with a current global portfolio of $37 million, is among the largest U.S.-based commercial finance
businesses, reaching more than 500,000 customers throughout the world. CitiCapital is a market leader in truck,
construction, material handling, healthcare and office equipment finance, as well as franchise and municipal finance,
fleet and relocation management services.
Prudential Financial is a brand name and service mark of The Prudential Insurance Company of America (Newark, NJ)
and its affiliates in the United States and selected countries. With approximately $606 billion in total assets
under management and administration as of June 30, 2001, Prudential Financial serves individual and institutional
customers worldwide and is one of the largest life insurance companies in America. The company offers a variety
of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension
and retirement related services and administration, asset management, securities brokerage, banking and trust services,
real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.
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Contact:
Prudential Financial
Darrell Oliver, 973/802-9627
Michael Hanretta, 973/802-7373