CB Richard Ellis has completed a $800m management buy-out deal. Blum CB Corp, a firm controlled by CBRE shareholder Blum Capital Partners and CBRE’s senior management, will buy all the CBRE shares not held by it or its partners for $16 each.
As a result of the deal, the firm will no longer be listed on the New York Stock Exchange but will keep the CBRichard Ellis name. Other members of the buying group include Freeman Spogli & Co.
“We are pleased that the vision for and commitment to this effort has been affirmed by our shareholders,” said chief executive Ray Wirta, part of the MBO group.
CBRE has 10,000 employees worldwide and last year produced revenues of $1.3bn. It serves clients through 250 offices in 44 countries. Blum Capital, which was founded 25 years ago, is a private equity firm with around $4bn of equity capital under management.
