TPG & PAG Consortium Completes Acquisition of Cassidy Turley
January 20, 2015
CHICAGO, Jan. 5, 2015 – DTZ, a global leader in commercial real estate services, today announced that Cassidy Turley and DTZ are now operating as a single global firm following the completion of the acquisition of Cassidy Turley by the private equity investment consortium backed by TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan. The consortium acquired DTZ in November 2014.
The combination of Cassidy Turley and DTZ creates a global top-three commercial real estate services company. 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.
DTZ now provides 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 28,000 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.
As announced previously, Tod Lickerman will be the Global CEO of the integrated company. Joseph Stettinius Jr., Cassidy Turley’s CEO, is now Chief Executive of the Americas, while Brett White, former CEO of CBRE Group, who also invested in the acquisition, will become full-time Executive Chairman in March 2015.
“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. The new DTZ combines the capabilities of a world-class firm with the client experience of a smaller, more nimble and more tenacious organization” said Tod Lickerman. “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.”
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