January 5, 2015
An excerpt from www.dtz-ugl.com
TPG Capital-led Consortium Closes Acquisition of Cassidy Turley
DTZ and Cassidy Turley Combine Under New DTZ Brand and Private Equity Ownership
DTZ, a global leader in commercial real estate services, today announced that DTZ and Cassidy Turley are now operating as a single global firm under a new DTZ brand. The combined company launch follows the formal sale close of Cassidy Turley to DTZ Investment Holdings, a private equity investment consortium backed by TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan, the consortium that acquired DTZ in November 2014.
The combination of Cassidy Turley and DTZ under new ownership creates a top-three commercial real estate services company worldwide. Cassidy Turley brings a legacy of strong local market leadership and penetration in the U.S., while DTZ offers an established full-service global platform.
With Cassidy Turley, the newly branded DTZ now offers clients additional integrated capabilities across more than 30 major U.S. markets in addition to its already established capabilities throughout Europe and Asia. The unified company represents $2.9 billion in annual revenues and more than 28,200 employees and now manages 3.3 billion square feet globally on behalf of institutional, government, corporate and private clients. DTZ is ranked No. 1 in China for investment sales transactions, with over 50% market share, and is ranked No. 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 Chief Executive Officer of DTZ. “The new DTZ combines the capabilities of a world-class firm with the client experience of a smaller, more nimble and more tenacious organization.”
The integrated new company will continue to operate under Tod Lickerman, Global CEO. Joseph Stettinius Jr., Cassidy Turley CEO, is now Chief Executive of the Americas at DTZ while Brett White, former Chief Executive Officer of CBRE Group, who also invested in the acquisition, will become Executive Chairman in March 2015.
“This combination is an excellent cultural fit and mutually beneficial for both companies, given our strong position in the U.S. market and DTZ’s global footprint,” said Joseph Stettinius Jr. “As DTZ and Cassidy Turley join forces under our new brand and ownership, I’m excited about the advantages we can now offer our clients and our people.
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. Our core capabilities include agency leasing, tenant representation, corporate and global occupier services, property and facilities management, capital markets, investment and asset management, valuation, building consultancy, research, consulting and project management. DTZ manages 3.3 billion square feet and $63 billion in transaction volume globally on behalf of institutional, corporate, government and private clients. Our 28,000 employees operate across more than 260 offices in more than 50 countries and proudly represent DTZ’s culture of excellence, client advocacy, integrity and collaboration. For further information, visit: www.DTZ.com or follow us on Twitter @DTZ.
TPG is a leading global private investment firm founded in 1992, with $66 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. In North America, some of TPG’s best known corporate and real estate investments have included Burger King, Northern Tier Energy, Petco, J. Crew, Taylor Morrison Home Corporation (NYSE:TMHC), ST Residential, Hotwire, Neiman Marcus and Chobani. TPG has been active in Asia for 20 years and has completed major investments in Shenzhen Development Bank, China Grand Auto and BTPN. TPG has also been very active in Australia with investments in Healthscope, Myer Department Stores and Inghams. For more information visit www.tpg.com.
PAG is one of the largest Asian based alternative investment managers with funds under management across Private Equity, Real Estate and Absolute Return strategies. PAG currently has US$11 billion in capital under management, with over 300 staff and offices in Hong Kong, Shanghai, Tokyo, Beijing, Sydney, Singapore, Seoul, Shenzhen, and Delhi . PAG Asia Capital (“PAGAC”), the private equity strategy of PAG, is currently investing its US$2.5 billion pan-Asian buyout fund and its current portfolio includes control and structured investments across the financial services, pharmaceuticals, automotive services and consumer retail sectors. In addition to the extensive investment experience in private equity, PAG has a solid track record in real estate, completing over 500 real estate related transactions throughout Asia with total investment value in excess of US$20 billion. For more information visit www.pagasia.com.
With $140.8 billion in net assets as of December 31, 2013, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the defined benefit pensions of 307,000 active and retired teachers in Ontario. For more information, including our annual reports from 2013 and previous years, visit www.otpp.com. Follow us on Twitter @OtppInfo.