The Laval consulting engineering company Englobe, which brings together 2,800 professionals with a turnover of approximately $425 million, is acquired by the Toronto group Colliers, which is a colossus of professional management services worth nearly 7, 6 billion on the Toronto Stock Exchange.
Under the terms of the transaction announced Tuesday, Colliers will acquire a “significant controlling interest” in Englobe’s share capital for a total of approximately US$475 million (or CAN$650 million), which will be paid in cash to the Laval firm’s principal shareholders.
However, Colliers indicates that Englobe’s activities related to the management and valorization of organic materials and contaminated soils in Canada, the United Kingdom and France are not included in the transaction.
In the opinion of Englobe’s president, Mike Cormier, this takeover by Colliers will allow the Laval-based company to join “a premier professional services organization with a global brand and international platform”.
By integrating the Colliers group, Englobe will be able to “accelerate [its] growth, offer better services to [its] clients and more opportunities for [its] professionals,” anticipates its president.
At Colliers, Chairman and CEO, Jay Hennick, states that “the acquisition of Englobe marks a significant entry for Colliers into the Canadian engineering market and aligns perfectly with [its] strategy aimed at to improve [its] offering of professional and investment management services.”
According to Mr. Hennick, “with engineering services, investment management and commercial real estate services, Colliers will have three significant and complementary growth drivers to continue to generate shareholder value for many years to come.” .
With a turnover of 4.3 billion US (approx. 5.8 billion CAN), Colliers and its professional services subsidiaries in real estate and investment management bring together 19,000 people in around sixty countries.