Several divisions of Minnetonka-based commercial real estate services company Welsh Companies have been purchased by Canada-based Colliers International after years of Welsh's brokerage and real estate management divisions operating as Colliers' local affiliate.
The sale, which was announced Tuesday by Colliers, will bring most of Welsh, which includes its facility services, project management and architecture divisions, under the Colliers umbrella. Terms of the deal were not released.
Welsh Construction will remain under the Welsh name, but all other services will go by Colliers International | Minneapolis-St. Paul. No changes in operations, leadership or the local offices have been announced.
"All of us in our Twin Cities offices are extremely excited about our extended relationship with Colliers International," said Jean Kane, chief executive of Welsh, in a statement. "By partnering with Colliers and leveraging the size, capital and established infrastructure of the Colliers global platform, we will stimulate the growth of our business and be positioned better than ever to serve the expanding needs of our clients and accelerate their success."
Founded in 1977, Welsh has grown to employ more than 225 professionals and provide a range of services. In 2011, Welsh's brokerage and real estate management divisions partnered as an affiliate of Colliers. Colliers is often ranked as one of the top commercial real estate brokerage firms in the Twin Cities. Some of the properties Colliers is responsible for some of the leasing include City Center, Rand Tower, and the Northstar Center.
"This addition is the latest in a series of targeted strategic acquisitions across the U.S., specifically in the important Midwest region," said Steve Everbach, president of Colliers' central region, in a statement. "Adding our high-performing Minnesota affiliate as a fully integrated part of our global platform will further strengthen our company nationally and help leverage their managerial talents in other regions."
Global real estate services company Colliers employs around 15,000 skilled professionals working in 68 countries.
