WASHINGTON, DC—The rumors reported by GlobeSt.com last month have been confirmed: A consortium of companies including private equity provider TPG is acquiring locally-based Cassidy Turley.
The consortium, which also includes PAG Asia Capital and the Ontario Teachers' Pension Plan, is acquiring DTZ Investment Holdings as well in a previously announced blockbuster deal of $1.25 billion. Cassidy Turley's agreement to sell its equity interests is with an affiliate of DTZ Investment Holdings, now backed by this group of companies.
The consortium's acquisition of DTZ is scheduled to close around October 31, 2014. The acquisition of Cassidy Turley is expected to close on December 31, 2014.
The acquisition validates Cassidy Turley's approach to market, Cassidy Turley CEO Joseph Stettinius, Jr. tells GlobeSt.com. "It will also accelerate our ability to build a compelling platform and provide more services in the locations in which we already have a presence and establish a deeper global reach."
Stettinius declined to comment on the value of the acquisition.
The deal is also emblematic of the steady consolidation in the commercial real estate brokerage community – a trend that has made Cassidy Turley the firm it is today. Earlier this year, for example, Savills PLC acquired Studley for $260 million cash. Avison Young, as another example, has been steadily picking up companies in the US to expand its footprint, the latest example being Kwartler Associates. Then there is, of course, TPG et al's pending acquisition of DTZ, which hasn't even officially closed but is already inking a new generation of acquisitions.
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