FirstService to Spin Off Colliers International
Seattle's about to get another international HQ -- our own Colliers International, which Toronto-based FirstService is planning to spin off into an independent entity. FirstService CEO Jay Hennick tells us the spin-off has been part of the plan since FirstService acquired the company about 10 years ago. "We wanted to do it slowly, so it would have the scale to be a global public company -- which it has now," he says. Jay, who will maintain control of Colliers as its executive chairman, explains that he sees tremendous opportunity for Colliers to expand in the fragmented $150B real estate industry, in which the top players account for only 14% of its business. The separation will increase its visibility even more, Jay says: investors who previously focused on FirstService will be able turn their attention to the newly independent Colliers, which operates in 67 countries. The deal will be complete by the end of Q2.
