Publicly held FirstService also is acquiring a 60% interest in Canada's largest project management firm, MHPM Project Managers, and will merge into that CMN's Canadian project management operations. The senior management of both PKF and MHPM retain the balance of the equity in their respective deals and will continue to operate as partners going forward.
"All partners are staying in," PKF partner Tom Callahan tells GlobeSt.com. "The vision is that we will grow this with FirstService and Colliers so that we will own a smaller piece of a much bigger pie over the next five yars."
FirstService CFO John Friedrichsen tells GlobeSt.com the long-term goal is to use the CMN global network to further grow the international business of both PKF and MHPM, whose names will be used going forward because they are the better known specialty brands. "For the time being we will be North America focused, but we have global operations in Colliers, which will give us the opportunity to provide services on other continents," he says. "Some of the operations have consulted internationally already, but we will look at it more seriously down the road as an opportunity for expansion."
The terms of the transactions were not disclosed by the parties involved and not otherwise immediately available. FirstService says the acquisitions should add approximately US$25 million in annualized net fee revenues to FirstService and approximately US$4 million in annualized EBITDA.
PKF provides consulting and advisory services to owners, managers and financers of hospitality properties, including feasibility studies, appraisals, brokerage, research, litigation support and asset management. Founded in 1935, it employs 70 people in 10 offices across the US. MHPM, founded in 1989, provides development, construction and renovation services, including consulting and feasibility analysis, document review, end-to-end project management, as well as fit-out and relocation services. Based in Ottawa, Ontario, the company employs 110 people in eight offices across Canada.
The acquisitions by FirstService follow the rapid building of CMN. Over the past two years, CMN has acquired Colliers Seeley, Cohen Financial and PGP Valuation in the US, PRDnationwide in Australia and Colliers Central & Eastern Europe.
FirstService is a diversified property services company. In addition to CMN, FirstService's brand include The Continental Group (residential property management); California Closets, Paul Davis Restoration, Pillar to Post Home Inspections, Certa Pro Painters; and Intercon Security and Security Services & Technologies.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
