A. Lee Graham
Cassidy Turley, a Washington, D.C.-based real estate services firm, has entered into an agreement with an affiliate of DTZ Investment Holdings, backed by Fort Worth-based TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan, to sell all equity interests of Cassidy Turley.
The agreement is subject to customary closing conditions and is dependent on Cassidy Turley’s combination with the DTZ Group operations to create a global, full-service commercial real-estate services company, according to a Cassidy Turley news release.
The consortium’s DTZ acquisition is scheduled to close around Oct. 31, 2014, with the Cassidy Turley acquisition expected to close on Dec. 31, 2014.
The Cassidy Turley and DTZ combination, which will retain the DTZ brand, will create a company with revenues of more than $2.9 billion and more than 28,200 total employees.
“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 CEO, commenting in a news release.
“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, Asia, TPG.
TPG is a global private investment firm with $66 billion of assets under management and offices in Fort Worth, Dallas, Austin, Houston, San Francisco, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo.
Some of the firm’s best known corporate and real estate investments have included Neiman Marcus, Burger King, Northern Tier Energy, Petco, J. Crew and Taylor Morrison Home Corp.