Return to search

TPG, PAG and Ontario Teachers buy DTZ

Chicago-based property services firm DTZ has been sold to an investor group composed of TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan. No financial terms were disclosed.


CHICAGO–(BUSINESS WIRE)–DTZ, a global leader in property services, today confirmed the close of its sale to the private investment consortium of TPG Capital (TPG), PAG Asia Capital (PAG) and Ontario Teachers’ Pension Plan (the TPG & PAG Consortium), and its beginning as an independent, privately owned global property services company.

“Today’s dynamic business environment holds both opportunities and challenges for our clients. DTZ is a progressive partner who understands their needs and can deliver tailored solutions wherever they do business, while offering the client experience of a smaller, more nimble and more tenacious organization.”

DTZ will continue to operate under the DTZ brand and its seasoned executive leadership team. Brett White, former Chief Executive Officer of CBRE Group, will begin serving as full-time Executive Chairman of the new company in March 2015. Tod Lickerman will continue in his current role as Global Chief Executive Officer of DTZ and report to Brett White.

“DTZ now has the independent governance, strong capital base and speed-to-market of a private company, which will allow us to grow and serve our clients’ ever-changing needs,” said Tod Lickerman. “Today’s dynamic business environment holds both opportunities and challenges for our clients. DTZ is a progressive partner who understands their needs and can deliver tailored solutions wherever they do business, while offering the client experience of a smaller, more nimble and more tenacious organization.”

DTZ’s new capital structure and strong financial backers better positions DTZ to make continued investments to expand its capabilities and offer clients a complete suite of services in every major market around the world. In September, an affiliate of DTZ Investment Holdings (backed by the TPG &PAG Consortium) announced it had entered into an agreement to acquire Cassidy Turley, with plans to combine it with the DTZ business during 2015. The acquisition of Cassidy Turley is expected to be completed by December 31, 2014.

The acquisition of Cassidy Turley, represents the first significant investment in DTZ’s growth strategy – immediately expanding DTZ’s brand and commercial real estate presence in the U.S. The new company will represent $2.9 billion of annual revenue and more than 28,200 employees. As previously announced, Joseph Stettinius Jr., Cassidy Turley CEO, will become Chief Executive of the Americas, reporting to Tod Lickerman. The combined new company will re-brand under the DTZ name and new visual brand identity in 2015.

Speaking on behalf of the TPG & PAG Consortium, TPG’s Ben Gray said, “We are pleased to have completed the DTZ transaction. The combination of DTZ’s strong businesses in Asia and Europe, its existing businesses in the United States and Cassidy Turley’s market-leading business in the United States, will create a global, full service property services company that will be top 3 in the sector. And we will have an executive team equal to anyone in the world.”

In closing Tod Lickerman said “Our strategy is to grow better, not just bigger. We’ll do this by continuing to foster a unique and progressive culture, and by converting new capabilities into strategic advantages for our clients and exciting professional opportunities for our people.”

About DTZ
DTZ is a global leader in property services, providing occupiers and investors around the world with industry leading, end-to-end property solutions. They comprise leasing agency and brokerage, integrated property and facilities management, capital markets, investment and asset management, valuation, building consultancy and project management. In addition, its award-winning research and consulting services provides clients with global and local market knowledge, forecasting and trend analysis to make the best long-term decisions for their continuous success. DTZ has 24,200 employees operating across 209 offices in 52 countries. For further information, visit: or follow us on Twitter @DTZGlobal

About TPG
TPG is a leading global private investment firm founded in 1992, with $66 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm has been very active in Asia for twenty years having completed major investments including BTPN, Shenzhen Development Bank, Daphne, China Grand Auto and has made many investments in Australia including Healthscope, Myer, Pet Barn, Alinta and Inghams. For more information visit

About PAG
PAG is one of the largest Asian based alternative investment managers with funds under management across Private Equity, Real Estate and Absolute Return strategies. PAG currently has US$11 billion in capital under management, with over 300 staff and offices in Hong Kong, Shanghai, Tokyo, Beijing, Sydney, Singapore, Seoul, Shenzhen, and Delhi. PAG Asia Capital (“PAGAC”), the private equity strategy of PAG, is currently investing its US$2.5 billion pan-Asian buyout fund and its current portfolio includes control and structured investments across the financial services, pharmaceuticals, automotive services and consumer retail sectors. In addition to the extensive investment experience in private equity, PAG has a solid track record in real estate, completing over 500 real estate related transactions throughout Asia with total investment value in excess of US$20 billion. For more information visit

About OTPP
With $140.8 billion in net assets as of December 31, 2013, the Ontario Teachers’ Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund’s assets and administers the pensions of 307,000 active and retired teachers in Ontario. For more information, including our annual reports from 2013 and previous years, visit Follow us on Twitter @OtppInfo