Canada’s leading property services company has bought UK agency Edwin Hill for around £26.6m ($54m).
The deal is the first international purchase by listed company Altus Group, which has 27 offices across Canada. Edwin Hill’s six UK offices will now operate as Altus Edwin Hill.
Altus bought Edwin Hill through the Altus Group Income Fund and financed the deal with cash raised from cash on hand and bank financing, and equity issued from treasury.
Altus operates a number of services in Canada, from research, valuation and advisory services for oil and gas sector projects, and will use Altus Edwin Hill as a springboard to expand further across the UK and worldwide.
Gary Yeoman, chief executive officer of Altus Group, said: ‘With this acquisition, Altus Group has strategically expanded its reach across the Atlantic while fortifying its offering to the real estate professional advisory market.’
Michael Milner, managing partner of Edwin Hill, said: ‘We’ve grown organically in the last few years, successfully, but growing quickly is difficult and Altus brings the financial muscle to allow us to do that. We will now be looking at extending our service lines and expanding to other locations.’
Edwin Hill currently has four offices in Greater London, including one in the centre and three offices around the M25, as well as an office in the Midlands and in the North. Michael Milner said that there would be no job losses as the company was planning to expand.