Commercial real estate services firm Colliers International announced on Monday it has entered into an agreement to acquire a controlling interest in Maser Consulting P.A., a Red Bank-based engineering and consulting design firm.
Under the deal, Maser’s will be rebranded to Colliers Engineering Services and its senior leadership team will stay as leading shareholders of the business.
“Our investment in Maser is another step forward in our strategy of adding more highly valued, essential services to our private and public real estate and infrastructure clients,” Jay Hennick, global chairman and CEO of Colliers International, said. “The transaction establishes us as a major player in the engineering design and consulting sector in the U.S., providing us with another important engine for growth. We see tremendous potential in this segment of the market and expect to leverage our proven track record, acquisition expertise and global brand and platform to grow this business into new markets, as well as cross-sell services to our combined client base.”
Maser’s has more than 1,000 professionals operating from 34 offices across 12 states. In 2019, it generated $167 million in revenue.
“Maser’s long and impressive record of growth in multiple real estate and infrastructure end markets, together with its special entrepreneurial culture, made it a perfect fit with Colliers,” Elias Mulamoottil, head, strategic investments | global of Colliers International, said. “With the expected push to rebuild and upgrade aging infrastructure in the U.S., Maser’s portfolio of service offerings, long-term contractual projects and diverse client mix provide us with significant new opportunities for growth in a segment with stable revenue streams over all economic cycles.”
“Our partnership with Colliers – the first in our industry – is the next evolution of our business,” Richard Maser, founder and chairman, Maser, said. “Colliers’ enterprising culture, decentralized management style, significant insider ownership and proven track record were important factors in choosing our strategic partner.”
The deal is expected to close in the second quarter of 2020. Financial terms were not disclosed.
“Without question, our new partnership strengthens our capabilities and provides us with specialized market knowledge and deep client relationships that will accelerate our growth in the future,” Kevin Haney, CEO and president, Maser, said. “Our entire team could not be more pleased by this move.”
AEC Advisors acted as financial advisor and Sidney Austin acted as legal advisor to Colliers.