Cushman & Wakefield to Acquire QSI
- Dec 04, 2018
Cushman & Wakefield has agreed to acquire Quality Solutions Inc., a leading facilities management firm, which specializes in on-demand facility maintenance and project management services through a national network of facilities contractors.
This acquisition reportedly will expand Cushman & Wakefield’s facility management capabilities and coverage across North America by leveraging QSI’s supply chain of 50,000-plus qualified suppliers and more than 75 facilities trades.
“Our ability to provide a deeper network of suppliers and coverage across all markets … will allow us to better serve large corporations with distributed real estate portfolios,” Steven Quick, Cushman & Wakefield’s chief executive, Global Occupier Services, said in a prepared statement.
“Cushman & Wakefield has presented us with a great opportunity to integrate our existing platform into their best-in-class facilities management practice which will allow us to do more for our existing clients,” added Eric Crabb, CEO of QSI.
The acquisition is expected to close in the first quarter of 2019, subject to customary closing conditions. Financials on the deal were not disclosed.
QSI’s owner is Gridiron Capital LLC, a New Canaan, Conn.-based private investment firm. QSI was advised by Piper Jaffray and Finn Dixon & Herling LLP.
Facilities management evolves
By 2025, the global outsourced market in facilities management services will total about $1 trillion, according to a report issued earlier this year by CBRE. The report also predicts that property management and facility management are becoming increasingly integrated, which leads to more transparency across a portfolio and thus simpler decision-making and better risk management.
Wellness, as a way of enhancing productivity and reducing absenteeism, is a growing area of involvement in facility management. This area will see collaboration of facility management with HR and IT functions, per the report, Top trends in facilities management.
Images courtesy of Cushman & Wakefield