January 10, 2017

New Hampshire firm acquires Worcester condo company

Courtesy of Great North Property Management
Lou Gargiulo, president and CEO of Great North Property Management, said the New Hampshire firm is looking for acquisitions in Central and Western Massachusetts after merging with Rickman Companies of West Boylston.
Kimberly and Jason Rickman, co-founders and former owners of Rickman Companies.

Worcester condominium management services provider Rickman Companies announced it has been acquired by Great North Property Management of New Hampshire, a major New England provider of condominium management services.

Rickman Co-founder and CEO Jason Rickman said in a press release on Monday he and his wife -- Co-founder Kimberly Rickman -- were looking for ways to increase the company's effectiveness and maintain value to its clients, and the Great North deal gives them the opportunity to expand the level of expertise for the condominium communities served by Rickman.

Terms of the deal were not disclosed.

Great North President and CEO Lou Gargiulo said in an interview Tuesday morning the Worcester offices will be maintained, including a staff of about a dozen employees. The Rickmans are departing the company but will maintain their presence in the local market through their real estate firm Rickman Realty.

The merger will grow Great North's footprint in Worcester and Middlesex counties to include more than 330 condominium associations and more than 22,000 units, according to the statement. Gargiulo said Great North, which manages, about 30 condo associations in Greater Worcester, has made six acquisitions in the last two years and is looking for more deals in Central and Western Massachusetts.

CORRECTION: A previous version of this story incorrectly said Rickman Companies is based in West Boylston. The company is based on West Boylston Street in Worcester.


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