Altus Group Acquires a Healthcare Tax Consulting Business in the United States
TORONTO, ONTARIO–(Marketwired – July 2, 2013) – Altus Group Limited (“Altus” or “the Company”) (TSX:AIF) today announced the acquisition of Complex Property Advisors Corporation (“CPAC”) by Altus Group U.S. Inc. Based in Texas, CPAC is a leading provider of appraisal and specialized property tax consulting services to the healthcare and industrial sectors. CPAC counts among its clients some of the largest for-profit hospital corporations and healthcare REITS in the United States (“US”).
“CPAC represents a particularly attractive opportunity for Altus as it increases our footprint in the US and provides us with strong competitive positioning in the healthcare tax and appraisal space, which is an important and growing market. This acquisition supports our US growth plans, while maintaining our commitment to local, independent advice,” said Bob Courteau, CEO, Altus. “Healthcare reforms in the US are expected to drive an increase in the number of for-profit hospitals, the segment of the market where CPAC has the experience to compete most effectively for the business. We welcome the 22 CPAC staff to the Company and look forward to ensuring that clients benefit from our combined industry-leading reputation, experience and extended service offerings.”
“We are very excited about joining Altus,” said Trey Beazley, President, CPAC. “We believe this combination will prove to be beneficial for both companies. Our team will be able to continue delivering the accurate and timely advice our clients expect, in addition to providing the more comprehensive services offered by Altus.”
Altus acquired the business and assets of CPAC in exchange for cash and common shares of the Company. The acquisition is expected to be accretive to adjusted EPS (earnings per share) within the first twelve months.
About Altus Group Limited
Altus leads the global real estate industry in offering professional real estate advisory services, data solutions and intelligence about an organization’s assets, generating a wealth of knowledge and insight. Altus has over 1,700 employees in multiple offices around the world, including Canada, the United Kingdom, the United States, Australia and China. We operate five interrelated Business Units, bringing years of experience and a broad range of expertise together into one comprehensive platform: Research, Valuation and Advisory; Cost Consulting and Project Management; Property Tax, Geomatics and ARGUS Software. Altus’ clients include banks, financial institutions, governments, pension funds, asset and fund managers, developers and landlords and companies engaged in the oil and gas industry.
Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could” and other similar terminology and includes information that relates to Altus’ growth plans, strategies and intentions, future financial and operating performance and prospects, its expectations as to the acquisition of CPAC and its future operating performance and prospects. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Altus identified and were applied by Altus in drawing conclusions or making forecasts or projections set out in the forward looking information include, but are not limited to, the execution of its business strategy, including the success of its initiatives and the acquisition of CPAC; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets.
Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors which could cause actual results, performance or achievements of Altus, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include: general state of the economy; competition in the industry; ability to attract and retain professionals; integration of acquisitions; customer concentration; currency risk; interest rate risk; reliance on larger software transactions with longer and less predictable sales cycles; ability to maintain profitability and manage growth; revenue and cash flow volatility; credit risk; protection of intellectual property or defending against claims of intellectual property rights of others; weather; fixed-price and contingency engagements; operating risks; performance of obligations/maintenance of client satisfaction; appraisal mandate; legislative and regulatory changes; risk of future legal proceedings; insurance limits; capital investment; and issuance of additional common shares diluting existing shareholders’ interests, as well as those described in Altus’ publicly filed documents, including the Annual Information Form (which are available on SEDAR at www.sedar.com).
Forward-looking information is not, and cannot be, a guarantee of future results or events. Should one or more of these risks, uncertainties and other factors materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, the reader should not place undue reliance on forward-looking information. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, Altus does not undertake to update or revise it to reflect new events or circumstances.
Camilla BartosiewiczBartosiewiczVice President, Investor Relations