International real estate adviser Savills has acquired North American group Studley in a £154m deal that creates a substantial toehold in the US market.
The deal brings Savills 25 new offices across the US and a New York-based capital markets team.
Studley, a commercial property services company, generated £138m turnover in 2013 and pre-tax profits were £3.6m.
It focuses on tenant representation, management and advice. Founded in 1954, Studley is based in New York and has been owned by its 139 partners since a management buyout in 2002. It employs 400 commissioned brokers and 175 support staff.
Jeremy Helsby, Savills group chief executive, said that the deal would take his company global, complementing its existing European and Asian businesses and “allowing us to provide a truly global service”.
Savills is listed on the FTSE 250 and has 600 offices and 25,000 staff around the world. It made a £51.4m profit on turnover of £905m in 2013, but just £6.8m of its revenue came from North America.
The combined company will operate in the US under the brand name Savills Studley, and retain its existing Savills brand in the rest of the world.
Mitchell Steir, chairman and chief executive of Studley, said: “[We] and our clients will benefit from being part of an international firm with the ability to capitalise on cross-border opportunities in Europe and Asia...”Savills moves into US real estate market with Studley acquisition
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