Avison Young enters into definitive agreement to acquire U.K.-based GVA in transformational deal

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Avison Young and Apleona Limited (“Apleona”), a portfolio company owned by global private-equity firm EQT, announced today that they have entered into a definitive agreement for Avison Young to acquire GVA, a subsidiary of Apleona and one of the U.K.'s leading and most diverse real estate advisory-led businesses. Avison Young will combine GVA with Avison Young’s existing U.K. operations. Subject to the satisfaction of customary closing conditions, the transaction is expected to close during the first quarter of 2019. London, U.K.-based GVA is a multi-disciplinary business offering clients a service that spans the entire property life cycle from strategy and planning through to delivery and management. The firm has 1,500 employees in 15 offices in the U.K., Ireland and Poland. GVA is also a founding member and majority shareholder of GVA Worldwide Ltd., an international organization of licensed affiliate commercial real estate companies with offices across 25 countries. false false false Avison Young currently has 2,700 real estate professionals in 85 offices in Canada, the U.S., Mexico, the U.K., Germany, Romania and Korea. Upon the closing of the transaction, Avison Young will add 1,500 real estate professionals in 15 offices in the U.K, Ireland and Poland. Including GVA Worldwide, the combined operations will have 5,000-plus professionals in more than 120 offices across 25 countries. false false false The scale and depth of GVA’s offering is evidenced by the firm’s 25 business units across the following sectors and disciplines: planning, development and regeneration; land and development; business rates; valuation consultancy; telecommunications; restructuring and recovery; energy and natural resources; lease consultancy; corporate solutions; health; GVA Worldwide; GVA Poland; Second London Wall project management; building consultancy; rights of light; investment; retail, hotels and leisure; offices; London agency and investment; industrial and distribution; automotive and roadside; property management; workplace consultancy; West End management; and asset management. false false false GVA has a broad customer portfolio of national and international clients, including U.K. public institutions, multinational corporations, major space users, developers, owners, lenders and investors. false false false The combined operations of Avison Young will have 19 offices and 1,600 employees in the U.K. alone, working with clients on the transaction and consultancy sides of the business. false false false Avison Young intends to optimize its capital structure through a recapitalization. The acquisition and the refinancing will be funded through a combination of cash on hand, a committed financing from Credit Suisse, and additional common equity, including participation by Caisse de dépôt et placement du Québec (CDPQ) and Avison Young’s existing employees as well as issuance of shares to GVA employees who will become Avison Young Principals and certain other GVA employees. Avison Young has ample capital to further invest in its global growth. Today's announcement follows Avison Young’s announcement on July 16, 2018 that CDPQ, one of Canada's leading institutional fund managers, has made a C$250-million preferred equity investment to accelerate Avison Young's strategic growth plan. Avison Young made its first investment under its strategic partnership with CDPQ by acquiring leading U.K. firm Wilkinson Williams LLP and opening a new office in London's West End on August 1, 2018. On October 10, 2018, Avison Young opened its first office in Asia, in Seoul, South Korea, with 63 members joining from Mate Plus Advisors Co. Ltd. Credit Suisse and KPMG LLP are acting as Avison Young’s financial advisors in the transaction; and Gowling WLG (UK), DLA Piper LLP (US) and Stikeman Elliott LLP (Canada) are serving as Avison Young’s legal advisors. BofA Merrill Lynch is acting as EQT’s and Apleona’s financial advisor; and Milbank, Tweed, Hadley & McCloy LLP is serving as EQT’s and Apleona’s legal advisor. false false false About Avison Young Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,700 real estate professionals in 85 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties. www.avisonyoung.com About EQT EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the U.S. with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership. www.eqtpartners.com About GVA GVA is a leading real estate advisory business with 15 offices and 1,500 staff in the U.K., Ireland and Poland. With its in-depth understanding of the market, supported by a leading research capability, GVA advises private businesses and the public sector on the whole real estate lifecycle. GVA is an independent group under the ownership of EQT Partners. www.gva.co.uk