UPDATE: Cushman & Wakefield Files IPO

Cushman & Wakefield files a $100 million IPO. The firm has not selected an exchange or ticker symbol yet.

The offering will be led by Morgan Stanely, JPMorgan, Goldman Sachs, UBS. In addition, Barclays, BofA/ML, Citi, Credit Suisse, William Blair and TPG Capital BD will assist.

Cushman & Wakefield is a top three global commercial real estate services firm with an iconic brand and approximately 48,000 employees led by an experienced executive team. The firm operates from approximately 400 offices in 70 countries, managing approximately 3.5 billion square feet of commercial real estate space on behalf of institutional, corporate and private clients. They serve the world’s real estate owners and occupiers, delivering a broad suite of services through our integrated and scalable platform. The business is focused on meeting the increasing demands of our clients across multiple service lines including property, facilities and project management, leasing, capital markets, valuation and other services. In 2017 and 2016, the company generated revenues of $6.9 billion and $6.2 billion, and fee revenues of $5.3 billion and $4.8 billion. For the three months ended March 31, 2018, they generated revenue of $1.8 billion and fee revenue of $1.2 billion.

Since 2014, the company has been build organically and through the combination of DTZ, Cassidy Turley and Cushman & Wakefield, giving them the scale and worldwide footprint to effectively serve our clients’ multinational businesses. During this period, the company grew Adjusted EBITDA from $351 million to $529 million while improving Adjusted EBITDA margins from 7% to 10%. For the three months ended March 31, 2018, the company recorded a net loss of $92.0 million and Adjusted EBITDA of $74.8 million.

(LINK)

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