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Colliers International to acquire leading US engineering firm

Real Estate
TSX:CIGI
09 March 2020 12:21 (EDT)
Colliers International Group Inc. - Global Chairman and CEO, Jay Hennick

Source: Bisnow

Colliers International Group (TSX:CIGI) has signed an agreement to acquire a controlling interest in Maser Consulting.

The engineering firm, based in Red Bank, New Jersey, currently has more than 1,000 employees operating out of 34 offices across 12 US states.

The company provides planning, consulting and design services to a wide range of industries and generated C$167 million in revenue last year.

Jay Hennick, Global Chairman and CEO of Colliers, said the company’s investment in Maser is a step forward in its value-adding strategy.

“The transaction establishes us as a major player in the engineering design and consulting sector in the US, providing us with another important engine for growth.

“We see tremendous potential in this segment of the market and expect to leverage our proven track record, acquisition expertise and global brand and platform to grow this business into new markets, as well as cross-sell services to our combined client base,” he said.

Maser’s senior leadership figures will remain significant shareholders in the company, which will undergo rebranding to become Colliers Engineering Services.

Kevin Haney, Maser CEO and President, is optimistic about the company’s next phase.

“Without question, our new partnership strengthens our capabilities and provides us with specialized market knowledge and deep client relationships that will accelerate our growth in the future.

“Our entire team could not be more pleased by this move,” he said.

While the exact terms of the transaction have not been made public, the deal is expected to close in the second quarter of this year.

Colliers’ acquisition of Maser is the latest in a string of others under its “unique partnership model.”

The company’s latest deal was a controlling interest in Colliers International Austin, which was previously an affiliate operation.

Prior to that, Colliers acquired another controlling interest in four subsidiaries of Dougherty Financial Group.

Acquisitions have been a significant part of the company’s five-year growth strategy, which was initiated in 2015.

Colliers International (CIGI) is down 3.47 per cent, with shares trading for $103.04 at 11:51am EST.

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