The Ontario Teachers’ Pension Plan is part of a group of investors that bought Chicago-based property services firm DTZ this week, according to a DTZ release.
The deal was announced in June but was only completed this week.
From the DTZ release:
DTZ, a global leader in property services, today confirmed the close of 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 its beginning as an independent, privately owned global property services company.
“Today’s dynamic business environment holds both opportunities and challenges for our clients. DTZ is a progressive partner who understands their needs and can deliver tailored solutions wherever they do business, while offering the client experience of a smaller, more nimble and more tenacious organization.”
DTZ will continue to operate under the DTZ brand and its seasoned executive leadership team. Brett White, former Chief Executive Officer of CBRE Group, will begin serving as full-time Executive Chairman of the new company in March 2015. Tod Lickerman will continue in his current role as Global Chief Executive Officer of DTZ and report to Brett White.
“DTZ now has the independent governance, strong capital base and speed-to-market of a private company, which will allow us to grow and serve our clients’ ever-changing needs,” said Tod Lickerman. “Today’s dynamic business environment holds both opportunities and challenges for our clients. DTZ is a progressive partner who understands their needs and can deliver tailored solutions wherever they do business, while offering the client experience of a smaller, more nimble and more tenacious organization.”
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. In September, an affiliate of DTZ Investment Holdings (backed by the TPG &PAG Consortium) announced 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 Ontario Teachers’ Pension Plan manages $140.8 billion in assets.