Global, U.S. Firms Combine Under One Brand As Private Equity Consortium Completes Acquisition
Cassidy Turley and DTZ are now formally operating as a single global firm with the finalizing of the acquisition of the U.S. commercial real estate services firm by a consortium of TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan.
The merger "creates a global top-three" CRE services company" representing $2.9 billion in annual revenues, with more than 28,000 employees and 3.3 billion square feet managed globally on behalf of institutional, government, corporate and private clients, DTZ said in a release.
DTZ, bolstered by Cassidy Turley's local market penetration in the U.S., now provides additional services across more than 30 major U.S. markets in addition to its already established clientele in Europe and Asia. DTZ is ranked number one in China for investment sales and number 3 in London and the U.K.
"The combination of our two companies under new ownership has immediately enhanced our ability to meet our clients’ needs with speed, efficiency and flexibility-service qualities that are unique among global firms our size," said Tod Lickerman, global CEO of the integrated company.
"The new DTZ combines the capabilities of a world-class firm with the client experience of a smaller, more nimble and more tenacious organization," added Lickerman, building upon comments made in an interview with CoStar News
after the TPG/PAG consortium acquired DTZ in November.
As previously announced, Joseph Stettinius Jr., Cassidy Turley’s CEO, is now chief executive of the Americas. Brett White, former CEO of CBRE Group who also invested in the acquisition, will become full-time executive chairman in March 2015.
Stettinius noted that the combination "is an excellent cultural fit and mutually beneficial for both companies." given CT's strong position in the U.S. market and DTZ’s global footprint.