Colliers International Expands Engineering Services With Maser Acquisition
Real estate giant Colliers International is expanding its engineering services by buying Maser Consulting in a deal that will close during the second quarter. In 2021, Colliers will rebrand the entity as Colliers Engineering Services.
Red Bank, New Jersey-based Maser provides services of various kinds, including survey and geospatial engineering, infrastructure work, water and wastewater engineering, utilities/energy design, and telecommunication and geo-environmental engineering.
The companies didn't specify a purchase price, but Maser did generate $167M in revenue in 2019. The engineering company employs about 1,000 people in 34 offices in 12 states.
“The transaction establishes us as a major player in the engineering design and consulting sector in the U.S., providing us with another important engine for growth," Colliers Global Chairman and CEO Jay Hennick said in a statement. "We see tremendous potential in this segment of the market."
During a period of increasing investment in infrastructure, the demand for engineering services would rise. The need is there: in 2017, the American Society of Civil Engineers gave U.S. infrastructure a grade of D+, recommending $2 trillion more in funding for its rehabilitation over 10 years.
The question is whether there will be the political will to spend more on infrastructure. Last month, the Trump administration proposed a $1 trillion infrastructure plan over 10 years as part of the its proposed federal government budget for fiscal 2021, but the fate of the plan is uncertain at best.
Earlier this year, Richard Maser passed the CEO position to Kevin Haney, who was the company's president, and promoted Joseph Dopico, a 26-year veteran of the company, to chief operating officer. Richard Maser retained the title of executive chairman.
Maser’s senior leadership will remain shareholders of the business under Colliers' partnership model.