Platinum Equity has acquired a majority stake in DAUM Commercial Real Estate Services, a provider of commercial real estate services in Arizona and Southern California. No financial terms were disclosed.
DAUM Commercial Real Estate Services announced today that Platinum Equity has purchased a majority stake in the company. Terms of the transaction were not disclosed.
“Joining forces with Platinum Equity will create tremendous opportunities for our company, our customers and our shareholders,” said Michael Nubel, Chief Executive Officer of DAUM Commercial Real Estate Services. “Our team has worked hard to successfully expand DAUM’s reach and service lines to meet the ever-changing needs of our clients in today’s global economy. We are now entering a new phase and partnering with Platinum Equity will unlock even greater possibilities.”
Founded in 1904, DAUM has 10 offices throughout Southern California and Arizona. The company provides a full array of commercial real estate services, including brokerage, consulting, leasing, sales and property management.
“DAUM is a respected brand with talented people and an impressive, long-standing track record,” said Brian Wall, partner at Platinum who oversaw the investment. “DAUM’s management team has proven its ability to consistently deliver exceptional customer service and despite a difficult economic environment we believe that the company is positioned to achieve long-term growth.”
Platinum’s M&A&O® approach to investing focuses on acquiring businesses that need operational support to realize their full potential and can benefit from Platinum’s extensive in-house capabilities and expertise in transition, integration and operations. Through nearly 100 acquisitions in the complex operational turnaround market, the firm has a consistent record of value creation.
Mr. Wall said the DAUM investment is a natural fit for Platinum’s approach.
“We have had a lot of success creating value inside companies that are navigating difficult industry dynamics,” explained Mr. Wall. “Platinum’s operations expertise will further strengthen DAUM’s ability to manage its business through continued uncertainty, while our business development resources and access to capital can propel DAUM to new levels. We look forward to helping DAUM capitalize on strategic add-on opportunities and partnerships in the commercial real estate services industry.”
Mr. Nubel said he believes Platinum will make a strong partner.
“Platinum shares the same fundamental commitment to innovation and exceptional customer service that has guided DAUM for more than 100 years,” said Mr. Nubel.
DAUM Commercial Real Estate Services provides a full array of commercial real estate services including brokerage, consulting, leasing, sales, corporate services and asset, construction, project and property management. Founded in 1904, DAUM is California’s oldest and most experienced commercial real estate brokerage company. DAUM has 10 offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.
DAUM Commercial Real Estate Services is a member of ONCOR International, a premier global commercial real estate network. ONCOR International members represent over 50 independent commercial real estate brokerages, with more than 2,200 associates, in over 170 offices throughout 32 countries. In 2007 ONCOR International members were collectively responsible for approximately $38.4 billion in commercial real estate volume and over 17,000 commercial real estate transactions. ONCOR International LLC, a subsidiary of Realogy Corporation, oversees the ONCOR International member network. More information is available at www.oncorintl.com.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.