Cassidy Turley, the DC-based real estate investment advisor with transactions valued at $25.8 billion in 2013, announced that it had entered into an agreement with an affiliate of DTZ Investment Holdings to sell 100% of the equity interests of Cassidy Turley. Under the terms of the agreement, which is subject to customary closing conditions, the deal will have Cassidy Turley merging its operations with DTZ Group, which provides a similar combination of real estate services to customers in Europe and Asia. The consortium of public and private investors acquiring Cassidy Turley includes private equity firm TPG, whose other investments include Burger King and Petco; PAG, an Asian investment manager that says it oversees an $11 billion portfolio; and the Ontario Teachers' Pension Plan. The consortium's acquisition of DTZ is scheduled to close around October 31, while the acquisition of Cassidy Turley will be finalized on December 31.
"DTZ recognized, as did TPG, that they needed more scale, and they have the financial backing to get that scale," said Brandon Dobell, an analyst with Chicago-based William Blair & Co., in a Bloomberg article. "And probably as importantly, they have the financial backing to make sure all the producers at DTZ and now at Cassidy know they're going to be around for a while."
"Following a period of intensive mutual due diligence, we are confident that this combination is an excellent cultural fit as well as an opportunity to partner with a global brand," Cassidy Turley CEO Joseph Stettinius Jr. said in a news release.
"The Consortium is very pleased that DTZ Investment Holdings affiliate has reached an agreement to acquire Cassidy Turley after closing of the DTZ transaction. Cassidy Turley is a leading real estate services business in the U.S. and will complement DTZ's existing very strong businesses in Asia and Europe as well as DTZ's existing U.S. businesses," said Ben Gray, Managing Partner, Asia.
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