WASHINGTON, D.C. (Sept. 24) – The expected acquisiton of commercial real estate services firm Cassidy Turley by a private equity group headed by TPG finally was announced this week – with the omission of a key piece of information – The Price.
But, thanks to Peter Grant and others at The Wall Street Journal, we know the likely value of the transaction came in at between $475 million and $600 million, which includes $75 million in debt. That's a big chunk of change, but no one involved "is getting super-rich from the sale," Grant writes in today's Plots & Ploys column.
With some 500 shareholders at Cassidy Turley – none of whom owns more than a 5 percent stake – no one will walk away with a 9-figure payday. The item appears under the somewhat snarky (in a good way) headline. "PALTRY PAYOUT".
TPG, whose partners include PAG Asia Capital and Ontario Teachers' Pension Plan, will combined Cassidy Turley with DTZ – if the DTZ deal closes as expected. Better yet, the new firm will retain the DTZ name but will have Cassidy Turley CEO Joe Stettinius as its CEO of the Americas.
The Wilbert Group has worked with Joe in the past, having helped CT with the annoucement of his ascension to CEO in October 2012. We subsequently landed a 30-Minute Interview feature with Joe in The New York Times a mere two months later.
The Wilbert Group also represented Cassidy Turley Atlanta when it entered the local market and is proud to have helped introduce the brand in the ATL. Of course, if all goes as planned, the Cassidy Turley brand will become a footnote on the new DTZ website.