Colliers adds building consultancy and project management leader in the United Kingdom

Rhea-AI Summary

Colliers (CIGI) announced the acquisition of a majority interest in Paragon Building Consultancy, a leading UK building consultancy and project management firm. This merger aims to enhance Colliers’ project management capabilities in the UK and Europe. Paragon's management team will lead the integrated operations while retaining significant equity. With a workforce of 150 professionals, Paragon specializes in building surveying and environmental assessments. The acquisition is expected to strengthen Colliers’ service offerings and client reach, aligning with its growth strategy in the region.

Positive

• Acquisition of Paragon enhances project management capabilities in the UK and Europe.
• Paragon's management remains in leadership roles, ensuring continuity.
• Colliers' partnership aligns with its growth strategy, potentially increasing market share.

Negative

• None.

Brings scale and additional capabilities to accelerate growth

TORONTO and LONDON, May 09, 2022 (GLOBE NEWSWIRE) -- Leading diversified professional services and investment management company, Colliers (NASDAQ and TSX: CIGI), announced today it has acquired a majority interest in Paragon Building Consultancy Holdings Limited (“Paragon”), one of the UK’s top independent building consultancy and project management firms. Paragon will be combined with Colliers’ existing project management business bringing scale and additional capabilities in the UK and Europe. Paragon’s senior management team will lead the combined operations and retain significant equity going forward under Colliers’ unique partnership model. Financial terms were not disclosed.

Founded in London in 2009, Paragon’s 150 professionals from the firm’s six UK offices provide building surveying, project management, environmental assessments, and energy & sustainability consulting to owners, investors, and users of real estate.

“Our new partnership with Paragon strengthens our capabilities within the UK and extends our reach into Europe allowing us to better serve our clients’ needs,” said Tony Horrell, Chief Executive Officer of Colliers | UK and Ireland. “Paragon’s reputation in the industry is second to none, and this acquisition represents Colliers’ continued commitment to providing best-in-class services to maximize the potential of our clients’ assets and properties.”

“Our partnership with Colliers is the next step in our firm’s evolution especially given our shared culture and commitment to service excellence,” said Paragon co-founding partner John Munday, who will take on the role of Co-Head of the combined business. “This transaction marks a significant milestone for Paragon and will help propel our growth in the coming years.”

“Colliers’ well-known global brand and platform, and strong client relationships both locally and internationally, unlock many new opportunities for us,” said Paragon co-founding partner Robert Perry, who will join John Munday as Co-Head of the combined business. “Colliers has a strong entrepreneurial culture, together with the scale, financial resources, and industry leadership we were looking for in a partner. Leveraging all that Colliers has to offer will be of great advantage to our company, its professionals, and partners in the years to come. We could not be more excited about our prospects for the future.”

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of 20% for shareholders. With annual revenues of $4.3 billion and $57 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Company Contacts:

Christian Mayer
Chief Financial Officer
(416) 960-9500

Tony Horrell
CEO | UK and Ireland
+44 20 7935 4499

FAQ

What does the acquisition of Paragon mean for Colliers (CIGI)?

The acquisition of Paragon enhances Colliers' project management capabilities in the UK and Europe, allowing for improved service offerings and client reach.

When was the acquisition of Paragon by Colliers announced?

The acquisition was announced on May 9, 2022.

What services does Paragon provide that benefits Colliers (CIGI)?

Paragon provides building surveying, project management, environmental assessments, and sustainability consulting, which will complement Colliers' existing services.

Who will lead the combined operations of Colliers and Paragon?

Paragon's senior management team, including co-founding partners John Munday and Robert Perry, will lead the combined operations.

How many professionals does Paragon employ?

Paragon employs 150 professionals across its six UK offices.