Colliers expands engineering offering in Canada
Rhea-AI Summary
Colliers (NASDAQ, TSX: CIGI) announced that its Canadian engineering platform, Englobe , has acquired Goodkey, Weedmark & Associates (GWAL), a leading building engineering consulting firm in Ontario. This acquisition enhances Englobe's scale and service capabilities in Canada's largest market. GWAL's leadership team will become shareholders of Englobe under Colliers' partnership model.
GWAL, founded in 1956, has 100 professionals providing mechanical and electrical engineering consulting services to public and private clients throughout Ontario, focusing on the National Capital and Ottawa Valley regions. This acquisition is Englobe's first follow-on investment since establishing its partnership with Colliers earlier this year. The move aims to bolster Colliers' presence in Ontario's engineering consulting market.
The acquisition will allow Englobe to better serve clients in Ontario and across Canada by deepening its capabilities and qualifications. GWAL will be fully integrated into Englobe's operations and will rebrand as Colliers in the future.
Positive
- Acquisition of GWAL enhances Englobe's scale and service capabilities in Ontario
- GWAL's leadership team becomes shareholders of Englobe, aligning interests
- Expansion deepens Englobe's capabilities and qualifications in mechanical and electrical engineering consulting
- Acquisition advances Colliers' strategic priority of strengthening presence in Ontario's engineering consulting market
Negative
- None.
Insights
The acquisition of GWAL by Colliers' Canadian engineering platform, Englobe , represents a strategic move to expand their presence in Ontario's engineering consulting market. This deal enhances Englobe's scale and capabilities in Canada's largest market, particularly in the National Capital and Ottawa Valley regions.
Key points to consider:
- GWAL brings 100 professionals specializing in mechanical and electrical engineering consulting services.
- The acquisition aligns with Colliers' strategy to bolster its Ontario presence, a priority market.
- GWAL's leadership will become shareholders in Englobe, utilizing Colliers' partnership model to retain talent and align interests.
- The integration and future rebranding as Colliers indicate a long-term commitment to growth and market presence.
While financial terms were not disclosed, this acquisition is likely to have a positive impact on Colliers' revenue and market share in the Canadian engineering sector. However, the immediate financial impact may be given Colliers'
Acquisition enhances scale and capabilities in Ontario
TORONTO and OTTAWA, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Global diversified professional services and investment management company, Colliers (NASDAQ, TSX: CIGI), announced today that its Canadian engineering platform, Englobe Corporation (“Englobe”), has acquired Goodkey, Weedmark & Associates Limited (“GWAL”), a leading building engineering consulting firm in Ontario. The addition will strengthen Englobe’s scale and service capabilities in Canada’s largest market. GWAL’s leadership team will become shareholders of Englobe under Colliers’ unique partnership model. The business will be fully integrated into Englobe’s operations and will rebrand as Colliers in the future. Terms of the transaction were not disclosed.
Founded in 1956, GWAL’s 100 professionals provide mechanical and electrical engineering consulting services to public and private clients throughout Ontario, with a focus around the National Capital and Ottawa Valley regions.
“This acquisition is our first follow-on investment in Englobe since establishing our partnership earlier this year and advances an important strategic priority of bolstering our presence in Ontario’s engineering consulting market,” said Elias Mulamoottil, Co-Chief Investment Officer of Colliers. “GWAL’s leadership was drawn to our brand, partnership model, enterprising culture and long-term growth aspirations. As a recent entrant to the Canadian market, our differentiated approach will be key to attracting best-in-class firms to our platform.”
“With GWAL’s impressive history and track record of innovative solutions, this expansion deepens our capabilities and qualifications, allowing us to better serve our clients in Ontario and across the country,” said Mike Cormier, President of Englobe. “We look forward to welcoming GWAL and their talented group of professionals into the Colliers family.”
“The strategic benefits, from an expanded suite of expertise to greater career and equity ownership opportunities for our people, made joining Englobe the logical next step for us,” said Frank Bann, Principal of GWAL. “We are extremely excited to be part of a global professional services leader, and look forward to leveraging Colliers’ depth of relationships, resources and infrastructure to accelerate our growth.”
Colliers Contacts
Elias Mulamoottil
Co-Chief Investment Officer
(416) 960-9500
Mike Cormier
President | Englobe
(514) 281-5151
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately
FAQ
What company did Colliers' Englobe acquire in Ontario?
How many professionals does GWAL (CIGI) employ and what services do they provide?
What is the strategic importance of this acquisition for Colliers (CIGI)?
Will GWAL (CIGI) continue to operate under its current brand after the acquisition?
