Dubai: The property services firm DTZ has closed its sale to a private investment consortium of TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan. It will continue to operate under the DTZ brand.
“DTZ’s new capital structure and strong financial backers better positions DTZ to make continued investments to expand its capabilities and offer clients a complete suite of services in every major market around the world,” said Tod Lickerman, who will continue in the role of Global CEO. “DTZ now has the independent governance, strong capital base and speed-to-market of a private company.”
It was in September, an affiliate of DTZ Investment Holdings announced it had entered into an agreement to acquire Cassidy Turley, with plans to combine it with the DTZ business during 2015. The acquisition of Cassidy Turley is expected to be completed by December 31.
It represents the first significant investment in DTZ’s growth strategy and expands the brand’s and commercial real estate presence in the US. The new company will represent $2.9 billion of annual revenues and will have more than 28,200 employees.
The combined entity will rebrand under the DTZ name and a new visual brand identity in 2015.
According to TPG’s Ben Gray, “The combination of DTZ’s strong businesses in Asia and Europe, its existing businesses in the US and Cassidy Turley’s market-leading business in the US, will create a global, full-service property services company that will be top 3 in the sector.”
