Colliers partners with award-winning engineering, architecture, and design services firm

Rhea-AI Summary

Colliers (NASDAQ and TSX: CIGI) has entered into a partnership agreement with Bergmann, an engineering and design firm, enhancing its Colliers Engineering & Design unit's capabilities and expanding its geographic reach into the Midwest. This collaboration will allow Bergmann's leadership to continue operations while becoming significant shareholders in the combined business. The transaction, expected to close in Q4 2021, aligns with Colliers’ strategy to build scale and strengthen service offerings in the engineering and consulting sector, aiming to capitalize on U.S. infrastructure needs.

Positive

• Partnership with Bergmann expands Colliers' geographic footprint and service capabilities.
• Bergmann is expected to generate annual revenues of approximately $92 million.
• Colliers aims to enhance growth and service offerings in the engineering and design sector.

Negative

• None.

Increases scale in U.S. Northeast and expands footprint into Midwest

TORONTO and RED BANK, N.J., Sept. 21, 2021 (GLOBE NEWSWIRE) -- Leading global professional services and investment management firm, Colliers (NASDAQ and TSX: CIGI), today announced its Colliers Engineering & Design (“CED”) operating unit has entered into an agreement to partner with Bergmann, an award-winning engineering, architecture, and design services firm located in the U.S. Northeast, Midwest and Mid-Atlantic regions. This new partnership adds scale to CED’s existing service offerings and expands its geographic footprint. The Bergmann senior leadership will continue to oversee operations and will become significant shareholders in the combined business under Colliers’ unique partnership model. The transaction is expected to close by the fourth quarter of this year, subject to customary closing conditions. Terms of the transaction were not disclosed.

Founded in 1980 and headquartered in Rochester, New York, Bergmann’s more than 450 professionals operate from 14 offices across 5 states, who play a critical role in rebuilding, redesigning and reimagining aging infrastructure assets for clients in a variety of important end markets including, transportation, commercial & buildings, municipal, and geo-environmental. The company is expected to generate annual revenues of approximately $92 million in the current year.

“We became an important player in the engineering, design and consulting sector with the establishment of CED (ranked #109 in ENR’s Top 500) last year. This new partnership with Bergmann is the next step in our strategy to build further scale, increase capabilities, and expand our geographic footprint in the U.S. and beyond,” said Jay Hennick, Global Chairman and Chief Executive Officer of Colliers.

“Bergmann’s long and impressive history of serving clients in multiple real estate and infrastructure markets, in partnership with the professionals that make it happen day to day, made it a perfect fit with Colliers,” said Elias Mulamoottil, Head, Strategic Investments | Global of Colliers. “With the expected push to reimagine, rebuild and upgrade aging infrastructure in the U.S., this new partnership strengthens our service offerings and geographic footprint while helping clients achieve their objectives.”

“Our partnership with Colliers Engineering & Design is the natural next step for our business,” said Pietro V. Giovenco, PE, Bergmann President and CEO. “Colliers’ enterprising culture, decentralized management style, significant insider ownership, and history of success were important factors in choosing a strategic partner that will allow us to take our business to the next level of growth.”

“The addition of Bergmann’s building design capabilities, including architectural and MEP disciplines, rounds out our service offerings. Bergmann will provide us with specialized market knowledge, deep client relationships, and exposure to new regions that complement our existing presence and accelerate our growth,” said Kevin L. Haney, PE, Colliers Engineering and Design CEO. “Our entire team is excited to welcome our new colleagues to the Colliers family.” 

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn. 

Colliers Contact
Elias Mulamoottil
Head, Strategic Investments | Global
(416) 960-9500

Colliers Engineering and Design Contact
Kevin L. Haney, PE
President and CEO | Colliers Engineering & Design
(732) 383-1950

FAQ

What recent partnership did Colliers (CIGI) announce?

Colliers announced a partnership with Bergmann to enhance its engineering and design services.

How much revenue is Bergmann expected to generate in 2021?

Bergmann is projected to generate approximately $92 million in annual revenues for 2021.

When is the Colliers-Bergmann partnership expected to close?

The partnership is expected to close in the fourth quarter of 2021.

What is the strategic significance of the Colliers-Bergmann partnership?

The partnership allows Colliers to increase scale, capabilities, and geographic reach in the U.S. infrastructure market.