DTZ has closed its sale to the private investment consortium of TPG Capital (TPG), PAG Asia Capital (PAG) and Ontario Teachers’ Pension Plan (the TPG & PAG Consortium), and it is now an independent, privately-owned global property services company.
DTZ will continue to operate under the DTZ brand with its executive leadership team.
Former CEO of CBRE Group Brett White will serve as full-time Executive Chairman of the new company in March 2015, while Tod Lickerman will continue in his current role as Global CEO of DTZ.
Lickerman said, “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.”
Separately, an affiliate of DTZ Investment Holdings (backed by the TPG & PAG Consortium) announced in September 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, 2014.
The acquisition expands DTZ’s brand and commercial real estate presence in the U.S. The new company will represent $2.9 billion of annual revenue and Joseph Stettinius Jr., Cassidy Turley CEO, will become Chief Executive of the Americas. The combined new company will re-brand under the DTZ name with new visual brand identity next year.