CBRE acquires Norland Managed Services
CBRE of the USA has entered into a definitive agreement to acquire Norland Managed Services, a leading provider of commercial building technical engineering services in the UK and Ireland, for £200 million plus up to £50 million of deferred contingent considerations. This acquisition will add market-leading capabilities for CBRE to self-perform building technical engineering service in the UK and Europe, providing its clients with fully integrated outsourcing services in the region.
Norland is well known for its expertise in critical environments such as data centres and trading floors. Its 4000 employees in 14 offices serve over 300 clients.
Following the closing of the transaction, Norland’s existing operations will operate as CBRE|Norland.
Ian Entwisle, CEO of Norland, said, ‘Our firms fit together very well, both culturally and operationally. We know each other well, and both firms are highly focused on delivering exceptional customer service and value. By uniting our building technical engineering expertise with CBRE’s broad servicing offering and global reach, we foresee significant opportunities to expand our client base and accelerate our growth.’
