Global diversified professional services and investment  management company, Colliers (NASDAQ, TSX: CIGI), announced today it has entered into a  definitive agreement to acquire Englobe Corporation (“Englobe”), a leading Canadian multi discipline engineering, environmental and inspection services firm.  

The significant acquisition furthers Colliers’ expansion in the fast-growing sector and follows on  from the recent acquisitions of leading Australian engineering and design firms Craig & Rhodes  and PEAKURBAN. 

Englobe’s senior leadership team and employee shareholders will remain shareholders in the  business under Colliers’ unique partnership model. Headquartered in Laval, Québec, Englobe’s  2,800 professionals provide civil, buildings, geotechnical, and environmental engineering,  material testing and related consulting services to public and private sector clients primarily in  the transportation, water, buildings, and power end markets. 

In 2023, the business generated US$340 million of revenues. The business will be rebranded as  Colliers in 2025. Under the terms of the transaction, Colliers will acquire a significant controlling  interest for approximately US$475 million in cash payable at closing. 

Englobe’s material management and beneficial reuse operations located in the UK, France and  Canada are not included in the transaction. The transaction is subject to customary closing  conditions and is expected to close in the third quarter of 2024. 

“The acquisition of Englobe marks a significant entry for Colliers into the Canadian engineering  marketplace and aligns perfectly with our strategy of enhancing our growing professional  services and investment management company with high-value, resilient, and essential services,” said Jay Hennick, Global Chairman and Chief Executive Officer of Colliers. “Once the  transaction is completed, recurring earnings from Engineering, Investment Management and Outsourcing will collectively represent about 75% of our total earnings. 

“With Investment Management, Engineering and Commercial Real Estate Services, Colliers has  three significant and complementary global growth engines to continue to generate value for  shareholders for many years to come.” 

John Kenny, Chief Executive Office, Asia Pacific, Colliers, said the acquisition of Englobe  would build on Colliers’ recent growth and success in Australia and the US.  

“We look forward to collaborating with our colleagues across these major markets and further  expanding the expertise and services we offer our clients in the fast-growing engineering  services market,” Mr Kenny said.  

“This acquisition is a major step in growing the global engineering and design offering for the Colliers business, with the ability to provide opportunities for staff, share global best practices  and maximize value for clients worldwide,” Colliers Managing Director of Engineering and  Design Australia, Brent Thomas said.

“The Australian Engineering and Design business is rapidly expanding both geographically and in the services they offer, currently consisting of 250  people with aims to reach 1000 employees by 2030, as well as securing a national presence in all  major cities and high growth regional areas. We continue to seek similar opportunities for  further expansion in Australia with the right partners, where we can enhance value creation for  our clients.” 

In connection with this transaction, Torys LLP acted as legal advisor to Colliers. AEC Advisors  acted as financial advisor and Stikeman Elliott acted as legal advisors to Englobe.