On Tuesday, real estate services provider Colliers International Group Inc. (TSX: CIGI) announced that it had entered into a definitive agreement with Calgary-based Coril Holdings to acquire privately-held real estate services firm Triovest.
"After many years as a privately held company, we believe now is the time to accelerate Triovest's growth by merging its operations with Canadian-based Colliers, one of the top global players in commercial real estate," said Coril Holdings President & CEO Deanna Zumwalt in the press release. "Our firm has worked with Colliers for many years as a client and we are confident that Triovest will now have access to greater resources and global client relationships that will benefit our clients and our people. Moreover, as a significant owner of commercial real estate, Coril will continue to work closely with Colliers, its professionals, and our former team members for our real estate needs."
The terms of the transaction were not disclosed, but Colliers said it is expected to close in Q2 2025. After closing, Triovest will be merged with Colliers and the Triovest brand will be shuttered.
According to Colliers, the combined company will employ over 3,000 professionals, manage over 95 million square feet of commercial real estate, and oversee more than $15 billion in projects under development in Canada.
"The addition of Triovest cements our position as the largest real estate services firm in Canada, while strengthening our capabilities in asset and development management," said Colliers Canada President & CEO Brian Rosen. "Over the years, we have built a highly differentiated business model by integrating our full suite of services to better meet the requirements of our clients. Our customer-centric culture attracts and retains the top talent in our industry. We are excited to welcome the highly respected and experienced team from Triovest and look forward to their contributions in the years ahead."
Triovest was founded in 1995 and has since grown to become one of the country's largest private commercial real estate services firm, with over 36 million square feet across 337 properties under management and over $2.5 billion in projects under development, according to its corporate website. For the year ending December 31, 2024, Triovest generated approximately $70 million in revenue.
Triovest has six offices across the country. Its corporate office is in Toronto, while the others are located in Mississauga, Montreal, Edmonton, Calgary, and Vancouver.
For Colliers, this is the latest in a series of acquisitions the company has made over the past year.
In Australia, Colliers announced in February that it had entered into a definitive agreement to acquire a controlling interest in Ethos Urban Pty Limited — an award-winning urban planning and design advisory firm. Prior to that, it announced in October that it had acquired TTM Group Pty Limited — a leading transportation engineering consultancy — and announced in September that it had enter into an agreement to acquire Pritchard Francis Consulting Pty Limited — a multi-discipline engineering consulting firm.
Here in Canada, Colliers completed its acquisition of Englobe Corporation — a multi-discipline engineering, environmental and inspection services firm — in July. In October, Colliers then announced that Englobe had acquired Goodkey, Weedmark & Associates Limited — a leading building engineering consulting firm in Ontario.
