Cassidy Turley Considering Merger, Acquisition: Report
Al Barbarino Dec. 4, 2013, 11:29 a.m.
Cassidy Turley is reportedly weighing options for a recap, merger or an outright sale, hiring J.P. Morgan as advisor and eyeing Newmark Grubb Knight Frank and Blackstone as potential partners or suitors.
Real Estate Alert reported today that the firm hired J.P. Morgan over the summer and is seeking equity to speed along its expansion plans, originally hoping to find a match by year’s end.
Newmark, Blackstone and New York investor Andrew Farkas’s Island Capital are among those J.P. Morgan contacted, according to the report, all of which were asked to provide a valuation of Cassidy along with investment proposals.
Since its formation in 2010, founded when eight regional brokerages merged, including five former Colliers International affiliates, the firm has steadily added offices and staffers, and today has about 60 countrywide outposts.
Because upper-level producers at the firm have agreed to be paid partially in stock, the report claimed that they are eager to gauge outside valuations, and some estimates exceeded a half billion dollars, bolstered by its multiple business lines, including leasing, property management, tenant representation and capital markets.
As reported in The Commercial Observer, late last year the firm and its board of directors voted Joseph Stettinius Jr. as its new CEO, previously president at the firm, replacing Mark Burkhart.
Sources within the firm did not respond to requests for comment in time for publication.