The deal, first announced in March, will see Maser rebranded as Colliers Engineering Services in the first half of 2021.
Maser’s senior leadership team will continue to lead its operations and retain a significant equity stake in the business, Colliers said in a news release.
Financial terms of the transaction were not disclosed.
“Colliers enters the highly fragmented engineering design services sector as a major player, while furthering our strategy of diversifying revenues with another essential, highly valued real estate service offering,” Colliers Global Chairman and CEO Jay Hennick said in a prepared statement. “Our new engineering division not only strengthens our Outsourcing & Advisory segment, but also complements our tremendously successful Colliers Project Leaders project management business.”
Richard Maser, founder and chairman of the engineering firm, added: “Our new partnership with Colliers — the first of its kind in our industry — is the next evolution of our business. As we look to significantly grow and scale our business, we are confident that Colliers’ enterprising culture, partnership philosophy, decentralized management style and access to capital aligns perfectly with our goals.”