Deal marks 'start of next chapter' says CEO
Global commercial real estate advisory firm Avison Young has closed a financial recapitalization transaction, garnering unanimous approval from financial partners and marking what chief executive officer Mark E. Rose described as “the start of our next chapter.”
Avison Young said it had significantly reduced its financial obligations through the deal, slashing liabilities by over 50% and securing additional capital to drive strategic objectives and strengthen its capital structure.
The company’s principals will retain a substantial majority of equity ownership in the company, something Rose described as an important step.
“Our financial partners recognize that our principals are the heart of our business, and this deal will drive equity value for our shareholders and principals, as well as market-based compensation in the years ahead,” he said.
As part of the transaction, Avison Young will see the formation of a smaller, independent Board of Directors, with Rose at the helm as chair. The new Board of Directors will be announced in the coming weeks.
“I look forward to working with our management team, new board members, and financial stakeholders to advance our strategic priorities,” Rose said.
The advisor’s journey through this financial recapitalization was supported by a team of advisors, including Centerview Partners LLC, Kobre Capital LLC, and Long Castle Advisors, Corp. Legal counsel was provided by Stikeman Elliott LLP, McDermott Will & Emery LLP, and DLA Piper LLP, among others.
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