Cassidy Turley to be merged into DTZ
Washington, D.C.-based Cassidy Turley, a commercial real estate services provider whose Milwaukee affiliate is Cassidy Turley Barry, announced this week that it has entered into an agreement with an affiliate of DTZ Investment Holdings, backed by TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan (the consortium that agreed to acquire DTZ), to sell 100 percent of the equity interests of Cassidy Turley.
The consortium’s acquisition of DTZ is currently scheduled to close around Oct. 31. The acquisition of Cassidy Turley is expected to close on Dec. 31.
The combination of Cassidy Turley and DTZ, which will retain the DTZ brand, will create a global commercial real estate services firm with revenues of more than $2.9 billion and more than 28,200 total employees.
Cassidy Turley Barry president James T. Barry III declined to comment on the DTZ deal and how it will impact his firm, which is one of the oldest commercial real estate brokerages in Milwaukee. The firm was affiliated with Colliers International before prior to Cassidy Turley in 2010.
“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,” said Joseph Stettinius, Jr., Cassidy Turley chief executive officer.
“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 of Asia ofr TPG.