{"id":1004117731,"date":"2015-04-20T12:20:35","date_gmt":"2015-04-20T20:20:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004117731"},"modified":"2022-11-29T08:15:12","modified_gmt":"2022-11-29T16:15:12","slug":"april-issue-right-sales-time-for-cushman-wakefield","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/april-issue-right-sales-time-for-cushman-wakefield\/","title":{"rendered":"April Issue: Right Sales Time For Cushman & Wakefield?"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor\"CUSHMAN_180<\/a><\/em><\/p>\n

A year ago, the majority owners of Cushman & Wakefield Inc.\u2014the Agnelli family and its investment arm, Exor SpA\u2014were rumored to be pursuing a sale or an IPO of the New York City-based global services firm. Neither happened then, but analysts and industry insiders knew that it was only a matter of time before the family would look to cash out its investment.<\/p>\n

That time appears to be here. And the Agnellis\u2019 timing for a sale looks spot-on, even though the price tag is a reported $2 billion.
\nWhile that may seem \u201crelatively expensive,\u201d JMP Securities analyst Mitch Germain noted, \u201cthere are not many entities that offer the breadth globally and the brand that Cushman & Wakefield has.\u201d<\/p>\n

Word that a sale might be in the works surfaced shortly before the company reported record profits and revenue on March 12. Gross revenues hit $2.9 billion in 2014, a 14 percent year-over-year increase. Adjusted net income rose 33.3 percent to $61.6 million.<\/p>\n

\"Edward<\/a>

Edward Forst, C&W<\/p><\/div>\n

Five weeks before the release of the earnings report, C&W Group Inc.\u2019s board of directors established a committee to review strategic alternatives and tapped the firm\u2019s president & CEO, Edward Forst, to lead it. The board also assigned Goldman, Sachs & Co. and Morgan Stanley & Co. to serve as advisors.<\/p>\n

\u201cIt\u2019s probably a good time for them to sell,\u201d Ken Weissenberg, partner & co-chair of the real estate services group at EisnerAmper in New York City, told Commercial Property Executive. \u201cThe market hasn\u2019t been this hot for 10 years.\u201d<\/p>\n

\u201cThe timing for such a deal makes sense, in our view, as momentum across all facets of the commercial real estate sector is strong,\u201d a JMP Securities investors report from Germain and Peter Lunenburg stated. \u201cThe industry is in the midst of a consolidation phase with premium pricing being paid for larger transactions, while many of the key principals of the firm have an economic stake in the company, paving a path for a potential transaction.\u201d
\nExor and the Agnellis own 81 percent of the firm; employees own the remainder.<\/p>\n

In late February, when The Wall Street Journal reported that the firm was on the market, a company spokesperson offered only a non-committal response:<\/p>\n

\u201cAs is the normal course of business, both Cushman & Wakefield and Exor continually seek ways to further enhance the business, create value and further accelerate their plans.\u201d<\/p>\n

Who Will Buy?<\/strong>
\nCushman & Wakefield is the world\u2019s third-largest real estate services company, after CBRE Group Inc. and JLL, but a sale to either firm is unlikely, analysts say. For one thing, Exor reportedly doesn\u2019t want to sell to a top competitor and would prefer a private buyer such as a private equity firm or sovereign wealth fund.<\/p>\n

Weissenberg, who has represented private equity firms, said the $2 billion price tag could be \u201ca big price for a local competitor to pay. But for an international firm looking to establish a presence in the U.S., it\u2019s a high price but a very significant footprint.\u201d He added, \u201cThere\u2019s always an appetite in private equity for a successful company.\u201d<\/p>\n

Brandon Dobell, an analyst with William Blair & Co., agreed that the winning bidder might come from the private equity world. \u201cIn this case, we\u2019re down to a relatively small list of potential buyers, most of which are going to be private equity,\u201d he told CPE.<\/p>\n

Both Dobell and Germain of JMP Securities brought up Brookfield Asset Management\u2019s name. \u201cThey know the real estate business. They like the real estate space,\u201d Dobell said of the Toronto-based asset manager.
\nAnd then there is The Blackstone Group. The investment management and financial services giant has the deep pockets, along with a possible strategic reason to bring Cushman & Wakefield into its expansive fold.<\/p>\n

\u201cBlackstone is a massive property investor,\u201d Dobell explained. \u201cThey could say, \u2018We\u2019ve got the properties; we\u2019ve got to have somebody to lease and manage them.\u2019\u201d<\/p>\n

A group effort might also succeed. In a recent example, TPG Capital, PAG Asia Capital and the Ontario Teachers\u2019 Pension Plan bought DTZ from UGL Ltd. for about $1.1 billion last year, then acquired Cassidy Turley.
\n\u201cIt\u2019s a big bite to chew off for TPG,\u201d Dobell said. \u201cBut it\u2019s a rare opportunity in the space to go from nowhere to No. 2 or 3.\u201d<\/p>\n

\u201cCushman & Wakefield would be the jewel in the crown of any international brokerage and real estate services firm (seeking) to establish a presence in the U.S.,\u201d Weissenberg added.
\nAnd if competitors do get a chance to bid, analysts suggest keeping an eye on BGC Partners, which owns Newmark Grubb Knight Frank. The JMP Securities report noted that BGC was active in M&A last
\nyear, acquiring Cornish & Carey Commercial in the San Francisco region and Apartment Realty Advisors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield owners are looking to cash out their investment.<\/p>\n","protected":false},"author":1068,"featured_media":1004117738,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004117731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nApril Issue: Right Sales Time For Cushman & Wakefield? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/april-issue-right-sales-time-for-cushman-wakefield\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"April Issue: Right Sales Time For Cushman & Wakefield?\" \/>\n<meta property=\"og:description\" content=\"Cushman & Wakefield owners are looking to cash out their investment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/april-issue-right-sales-time-for-cushman-wakefield\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-20T20:20:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-29T16:15:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/CUSHMAN_180-Maiden-Lane2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"609\" \/>\n\t<meta property=\"og:image:height\" content=\"914\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/april-issue-right-sales-time-for-cushman-wakefield\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/april-issue-right-sales-time-for-cushman-wakefield\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"April Issue: Right Sales Time For Cushman & Wakefield?\",\"datePublished\":\"2015-04-20T20:20:35+00:00\",\"dateModified\":\"2022-11-29T16:15:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/april-issue-right-sales-time-for-cushman-wakefield\\\/\"},\"wordCount\":825,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/april-issue-right-sales-time-for-cushman-wakefield\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/04\\\/CUSHMAN_180-Maiden-Lane2.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/april-issue-right-sales-time-for-cushman-wakefield\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/april-issue-right-sales-time-for-cushman-wakefield\\\/\",\"name\":\"April Issue: Right Sales Time For Cushman & Wakefield? 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