TPG-Backed DTZ Finishes $2 Billion Merger With Cushman & & Wakefield

Joe Stettinius, Team of 5 Regional Presidents to Lead Freshly Top quality C&W In Americas

THE NEW RED: Cushman & Wakefield rolled out a new logo following its combination with DTZ.
THE NEW RED: Cushman & & Wakefield presented a brand-new logo design following its mix with DTZ.

DTZ and Cushman & & Wakefield closed their merger early Wednesday, creating among the world’s largest commercial real estate services companies with a combined total of $5 billion in income and 43,000 staff members.

With the deal, Exor MEDSPA, the Agnelli family’s Italian holding business, sold its bulk stake in Cushman & & Wakefield acquired in March 2007 to a financier group led by Fort Worth, TX-private equity company TPG Capital, co-founded by billionaire investor David Bonderman, for $2.04 billion, according to Exor’s statement of the handle Might.

Cushman’s brand-new owners also include PAG, among the largest Asia-based alternative financial investment managers; and the Ontario Educators’ Pension Plan (OTTP), one of Canada’s biggest pension.

Running under the Cushman & & Wakefield brand with a brand-new logo, the combined business– with more than 4.3 billion square feet under management and $191 billion in transaction value– will be headed worldwide by Chairman and CEO Brett White and Global President Tod Lickerman.

The combined firm’s U.S. operations will be led by Joe Stettinius, president, Americas.

The next tier of Cushman management in the Americas, which has actually been the subject of much discussion and speculation in the united state, includes 4 region presidents that report straight to Stettinius. They are Ron Lo Russo, Tri-State Area president/NY City Area market lead; Shawn Mobley, East Area president/North Central and Southeast Region market lead and Chicago market lead; Celina Antunes, South America Region president; and Mike Smith, West Area president/Texas Region market lead.

Area Market Leads consist of Luis Alvarado, Northeast Area and Boston market; Dan Broderick, Southwest Region and San Diego market; Jim Fagan, Connecticut region, Stamford and Westchester markets; Mike Kamm, Northwest Area; Victor Lachica, Mexico Region; Roberta Liss, Mid-Atlantic Area and DC Metro Market and Dean Mueller, South Central Area.

Not listed as one of C&W’s worldwide or regional leaders in the statement is Edward C. Forst, who took over in December 2013 as president and CEO of Cushman and was extensively anticipated to step down when the merger was finished.

The closing comes quickly after the regulatory approval of the deal by the European Commission, which works as the governing body of the European Union, during its Aug. 28 meeting in Brussels, Belgium.

“We have the ideal platform and the right individuals sharing our client-centric culture and a strong desire to boldy grow our company in the Americas,” Stettinius stated in a statement.

“Both heritage companies had actually been aggressively growing their respective platforms and growing their reach into the market with new acquisitions and skill,” said previous CBRE chief executive White, who described the combination as “a game-changing occasion in business realty.”

The latest round of consolidation in the CRE services market began in 2013 when TPG consented to acquire U.S.-based Cassidy Turley and combine it with its formerly acquisition target, DTZ, in a bid to compete as a worldwide CRE services company.

With the merger, Cushman & & Wakefield operates in more than 60 countries all over the world and in every significant worldwide market and service line. C&W’s services include firm leasing, property services, capital markets, international occupier services, facility services, branded as C&W Solutions; financial investment management, branded as DTZ Investors; job and advancement services, occupant representation, and valuation & & advisory.

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