- Colliers International (CIGI) has completed its acquisition of a controlling interest in US-based engineering firm, Maser Consulting PA
- The business is expected to undergo a re-branding to Colliers Engineering Services in the first half of 2021
- Maser's existing senior leadership team will continue to drive the company's operations, and will retain a significant equity stake
- Colliers' acquisition of Maser is the latest in a string of others under its self-styled unique partnership model
- Colliers International (CIGI) is currently down 0.94 per cent and is trading at C$73.00 per share
Colliers International (CIGI) has completed its acquisition of a controlling interest in US-based engineering firm, Maser Consulting PA.
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. It provides planning, consulting and design services to a wide range of industries, and generated C$167 million in revenue last year.
Under the terms of the acquisition, which was originally announced in early March, Maser's existing senior leadership team will continue to drive the company's operations and will retain a significant equity stake going forward.
It's expected that Maser will undergo re-branding in the first half of 2021 to Colliers Engineering Services.
Jay Hennick, Global Chairman and CEO of Colliers International, said the acquisition will not only strengthen the company's outsourcing and advisory segment, but will also complement its successful Colliers Project Leaders project management business.
"Colliers enters the highly fragmented engineering design services sector as a major player while furthering our strategy of diversifying revenues with another essential, highly valued real estate service offering," he added.
Founded in 1994, Maser offers both private and public sector clients a variety of consulting and engineering design services for the property and building, infrastructure, transportation, environmental and telecommunication markets.
Kevin Haney, President and CEO of Maser Consulting, said he is thrilled to embark on a new partnership with Colliers.
"We expect to hit the ground running as we combine Colliers’ specialised market knowledge and relationships with our own expertise across many different asset classes and end markets.
"Our partners and highly skilled professionals could not be more thrilled and look forward to leveraging our new partnership to accelerate growth in the years to come," he added.
Colliers' acquisition of Maser is the latest in a string of others under its self-proclaimed unique partnership model.
Earlier this year, the company acquired a controlling interest in four subsidiaries of Dougherty Financial Group, as well as a controlling interest in Colliers International Austin, which was previously an affiliate operation.
Colliers International (CIGI) is down 0.94 per cent and is trading at $73.00 per share at 10:06am EDT.