Altus Group Strengthens Canadian Advisory Services through Acquisition of Integris Real Estate Counsellors
TORONTO, ONTARIO (July 2, 2015) – Altus Group Limited (ʺAltus Groupʺ or “the Company”) (TSX: AIF), a leading provider of commercial real estate services, software and data solutions, announced today that it has acquired Integris Real Estate Counsellors (“Integris”), a prominent Canadian real estate litigation and dispute resolution firm based in Toronto.
- Strengthens offerings with specialized commercial real estate expert services
- Offers platform for growth in litigation and dispute resolution services, a fast growing service line
- Enhances expertise with 11 additional highly specialized professionals
Integris is an independent firm with a focus on real estate litigation and dispute resolution. Other key services include asset valuation, arbitration and mediation support, feasibility studies, and acquisition/disposition due diligence. Integris has a solid track record in the Canadian market supported by long-standing relationships with leading national law firms. Integris’ team of 11 professionals will join Altus Group’s Canadian Research, Valuation and Advisory (“RVA”) business unit.
“We are very pleased to welcome the Integris team to Altus Group,” said Colin Johnston, President of Altus Group’s Canadian RVA business unit. “The acquisition of Integris strengthens our full-service offering in Canada and adds to our high-value expert services line with some of the industry’s best litigation specialists. Our litigation and dispute resolution expert services is one of RVA’s fastest growing sectors in recent years, and Integris’ strong market presence and excellent reputation will strengthen our capabilities and contribute to our continued growth in this segment.
“We look forward to joining Altus Group, which shares in our commitment of providing exceptional client service,” added David Atlin, Managing Partner at Integris. “We are confident that our clients will benefit significantly from the expanded geographic reach, products and services that Altus Group has to offer.”
The acquisition is valued at approximately $5.6 million and was funded through a combination of cash and equity. The acquisition is expected to be immediately financially accretive to adjusted earnings per share (“EPS”). Based on recent financial performance, Integris’ fiscal annual revenues are estimated to be approximately $3.4 million and normalized EBITDA is estimated to be approximately $1.1 million.
About Altus Group Limited
Altus Group Limited is a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry. All of our five core practices – Research, Valuation and Advisory, ARGUS Software, Property Tax Consulting, Cost Consulting and Project Management, and Geomatics – embody and reflect decades of experience, a broad range of expertise, and leading edge technology. Our offerings empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world’s largest real estate industry participants, spread across a broad variety of sectors.
We are focused on creating sustainable shareholder value that generates long-term returns by targeting organic and accretive growth while providing quarterly dividend payments of $0.15 per share. Our securities are traded on the TSX under the symbols AIF and AIF.DB.A.
For more information on Altus Group, please visit: www.altusgroup.com.
Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, the acquisition of Integris and the operational and financial prospects related thereto; Altus Group’s business and operating initiatives; and its expectations of future performance for its various business units. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “plan”, “would”, “could” and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement.
Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Altus Group 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, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that were identified and were applied by Altus Group in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the successful execution of Altus Group’s business strategies (including the success of its initiatives related to Integris); consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which Altus Group operates; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses; the successful integration of Altus Group’s businesses; and the continued availability of qualified professionals. Please consult Altus Group’s most recent regulatory filings on SEDAR for more information on the Company’s forward-looking statements.
Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although Altus Group has attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, Altus Group does not undertake to update or revise it to reflect new events or circumstances. Additionally, Altus Group undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, its financial or operating results, or its securities.
Camilla BartosiewiczBartosiewiczVice President, Investor Relations