DTZ Holdings, a global property adviser with operations in 45 countries, has acquired J.J. Barnicke Limited, Canada’s largest independently owned, full-service commercial real estate services company.
The purchase price is $26.6 million, subject to a working capital adjustment. A further payment of up to $1.6 million is payable to the vendors contingent upon certain conditions being met, the company says.
J.J. Barnicke Limited, which will be renamed DTZ Barnicke, is headquartered in Toronto and has 17 owned and affiliate offices across Canada with 450 employees, including more than 300 real estate professionals. It provides a range of commercial real estate brokerage services and value-added business advice in commercial real estate to international corporations, institutions and portfolio owners across Canada.
Chris Ridabock, previously president of J.J. Barnicke Limited, has been appointed chief executive officer of the DTZ Barnicke business. Joseph J. Barnicke, who founded the firm in 1959, will remain as chairman for a transition period.
DTZ says it is one of the top four global advisers in commercial real estate with a strong presence in Europe, Asia Pacific and other parts of the world. The acquisition of J.J. Barnicke Limited builds upon DTZ’s other recent corporate development activity in North America, including the investment in Boston-based DTZ FHO Partners, which provides occupational services, announced in August 2007 and DTZ’s acquisition of 50 per cent of New York-headquartered DTZ Rockwood last year. DTZ Rockwood provides both transactional and advisory capital markets services across North America.
Mark Struckett, group chief executive of DTZ, says in a news release: “Today’s acquisition demonstrates the importance we put on the North American market as part of our continuing focus to meet the cross border needs of our multinational clients. DTZ’s acquisition of J.J. Barnicke Limited is an important step for both companies and one that underpins our long-established strategy to meet the increasing demands of organizations wanting to take a worldwide approach to procurement, property solutions and service delivery.”
He says J.J. Barnicke’s clients “will benefit from DTZ’s strong global delivery platform in serving their cross-border needs at a time when Canadian investors are becoming more active globally. We look forward very much to working with the J.J. Barnicke Limited team for the mutual benefit of our organizations, clients and our shareholders.”
Ridabock says that J.J. Barnicke has been servicing international corporations and institutions for decades, and has affiliated with global networks in the past. “However, it was the caliber, global reach and expanded offerings of the DTZ organization that made it the obvious choice for a permanent partner,” he says.
Ridabock joined J.J. Barnicke Limited in 1976 and was appointed president in 1997.
DTZ has over 11,000 staff within its system operating across 140 cities in 45 countries. The parent company, DTZ Holdings plc, has been quoted on the London Stock Exchange since 1987.