Colliers is expanding its engineering capabilities into Canada with the acquisition of Englobe Corporation.
The global diversified professional services and investment management firm said it has agreed to acquire a “significant controlling” stake in the engineering, environmental and inspection services firm for around US$475m (€438m).
As part of the transaction, Englobe’s senior leadership team and employee shareholders will remain shareholders in the business which will be rebranded as Colliers in 2025.
Headquartered in Laval, Québec, Englobe provides civil, buildings, geotechnical and environmental engineering, material testing and related consulting services to public and private-sector clients primarily in the transportation, water, buildings and power-end markets.
Jay Hennick, the global chairman and CEO of Colliers, said: “The acquisition of Englobe marks a significant entry for Colliers into the Canadian engineering marketplace and aligns perfectly with our strategy of enhancing our growing professional services and investment management company with high-value, resilient, and essential services.”
Following the completion of the deal, recurring earnings from engineering, investment management and outsourcing will collectively represent about 75% of Colliers’s total earnings, Hennick said.
Hennick added: “With investment management, engineering and commercial real estate services, Colliers has three significant and complementary global growth engines to continue to generate value for shareholders for many years to come.”
Elias Mulamoottil, co-CIO of Colliers, said: “Building on our success in the US and Australia, we look forward to entering the attractive Canadian engineering services market, a business that complements our current leadership in project management in Canada.
“Englobe’s national footprint, deep public-sector relationships, and infrastructure expertise put Colliers Canada in an enviable position to capitalise on industry tailwinds that drive this stable and predictable business.”
Mike Cormier, Englobe president, said: “Colliers’s enterprising culture, decentralised operating style, focus on service excellence and employee engagement align well with Englobe’s key values, making Colliers the perfect partner for the next chapter of our journey.
“Joining a best-in-class professional services organisation with a global brand and international platform will allow us to accelerate our growth going forward, as well as offer better services to our clients and more opportunities to our professionals.”
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