DTZ has bought Canada’s largest independent commercial real estate services company, J.J Barnicke, for CAD $26.6m (£13.8m).
The UK property advisor bought J.J Barnicke to expand its North American business.
The deal is subject to a working capital adjustment, with an initial consideration of CAD $26.6m (£13.8m) to be followed by a further payment of CAD $1.6m (£0.8m) if conditions are met.
The purchase will be funded through DTZ’s existing facilties.
J.J Barnicke, which has headquarters in Toronto and a further 17 offices across Canada, will be renamed DTZ Barnicke with immediate effect. President of J.J Barnicke, Chris Ridabock, will be retained by DTZ as chief executive officer of the DTZ Barnicke business. Founder Joseph J. Barnicke, who set up the firm in 1959, will remain as chairman for a transition period.
DTZ said the purchase built on other recent developments in America, including the investment in August in Boston-based DTZ FHO Partners, which provides occupational services, and the acquisition of 50% of DTZ Rockwood last year, which has its headquarters in New York.
Mark Struckett, group chief executive of DTZ, said: '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 organisations wanting to take a worldwide approach to procurement, property solutions and service delivery.’