DTZ INVESTMENT CONSORTIUM TO ACQUIRE BROKERAGE FIRM CASSIDY TURLEY
WASHINGTON, D.C. — Real estate services provider Cassidy Turley has entered into an agreement to be purchased by an affiliate of DTZ Investment Holdings, an investment consortium backed by TPG, PAG Asia Capital and the Ontario Teachers’ Pension Plan, for an undisclosed price.
The combination of Cassidy Turley and DTZ, which will retain the DTZ brand, will create a company with revenues of more than $2.9 billion and more than 28,200 total employees.
The acquisition of Cassidy Turley is expected to close on Dec. 31.
TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan are in the process of purchasing DTZ Investment Holdings, and that acquisition is expected to close around Oct. 31.
“We are confident that this combination is an excellent cultural fit, as well as an opportunity to partner with a global brand,” says Cassidy Turley CEO Joseph Stettinius Jr.
Brett White, former CEO of CBRE Group, is investing in the acquisition alongside the consortium and will be joining the board of directors once the DTZ transaction is completed. White will then become executive chairman of the new company in March 2015.
Tod Lickerman will continue in his current role as Global CEO of DTZ, while Joe Stettinius will become chief executive of the Americas.
“Cassidy Turley will complement DTZ's existing very strong businesses in Asia and Europe,” says Ben Gray, managing partner, Asia, TPG, “as well as DTZ's existing U.S. businesses.”
Washington, D.C.-based Cassidy Turley completed transactions valued at $25.8 billion in 2013. The firm manages approximately 400 million square feet on behalf of institutional, corporate and private clients, and supports more than 24,000 domestic corporate services locations.
TPG is a global private investment firm founded in 1992 with $66 billion of assets under management and offices worldwide.
— Scott Reid