Colliers to acquire Ayesa Engineering

This transaction expands Colliers’ global reach, enhancing its capabilities and creating new growth opportunities for its Engineering division, which will rank among the world’s top 30 engineering firms.

Ayesa Engineering will enter a new phase of expansion under the umbrella of the Nasdaq- and TSX-listed group, contributing an international platform spanning 21 countries across Europe, Latin America, the Middle East, Asia, and Australia.

Since A&M Capital Europe’s investment in Ayesa in 2022, Ayesa Engineering has tripled its revenues to more than €312 million, driven by accelerated organic growth, complemented by several tuck-inacquisitions.

It ensures the continuity of Ayesa Engineering’s headquarters in Seville and the preservation of its brand, while opening new international opportunities for its more than 3,200 professionals. Ayesa’s senior leadership team and employee shareholders will retain an equity interest in the business under Colliers’ partnership model. Following completion of the transaction, José Luis Manzanares will step down from his role as CEO of Ayesa, and Rosalío Alonso, currently Chief Operating Officer, will be appointed as the new CEO of Ayesa Engineering.

Colliers (NASDAQ, TSX: CIGI), a global leader in professional services and investment management, has entered into an agreement to acquire Ayesa Engineering from A&M Capital Europe and the Manzanares family for a total consideration of €600 million. The transaction is expected to close in the second quarter of the year, subject to regulatory approvals.

Colliers is a Canadian multinational listed on the Nasdaq and TSX, with global revenues of US$5.5 billion (€4.641 billion). The acquisition significantly strengthens its Engineering division, consolidating it as a leading global platform and positioning it among the world’s top 30 engineering firms.

With the addition of Ayesa Engineering, Colliers expands its presence across Europe, Latin America, the Middle East, and South Asia, complementing its established markets in the United States, Canada, and Australia.

As a result, Colliers Engineering will operate in 23 countries with nearly 14,000 professionals, while extending its service offering across Infrastructure & Transportation, Water, and Environmental, Property & Buildings and Energy.

Founded in 1966, Ayesa Engineering employs more than 3,200 professionals across 21 countries, delivering integrated services across the full asset lifecycle. Over the past three years, following AMCE’s majority investment, the Seville-headquartered firm has tripled in size, exceeding €312 million in revenues, driven by accelerated organic growth, complemented by several tuck-in acquisitions.

“Our acquisition of Ayesa marks another pivotal step in our more than 30-year track record of creating shareholder value,” said Jay Hennick, Global Chairman and Chief Executive Officer of Colliers. “This strategic move expands our global presence in the high-growth engineering and project management sector, strengthens our position among the world’s top 30 engineering firms, and brings more scale and opportunities to our clients and professionals. Ayesa’s culture of service excellence and innovation aligns perfectly with Colliers, setting the stage for continued growth and value creation for our shareholders.”

“Ayesa Engineering presents a rare opportunity to partner with a scalable international platform, offering top-tier capabilities across critical infrastructure sectors with minimal overlap to our existing operations,” said Elias Mulamoottil, Chief Investment Officer of Colliers. “Expertise in large-scale, complex projects and the ability to provide end-to-end technical consulting not only make Ayesa a trusted global advisor, but a company that’s primed for growth. We see strong growth potential in existing and new markets, with opportunities to leverage their expertise in the U.S., Canada, and Australia as industry tailwinds drive robust demand for our services.”

“As Ayesa Group’s founding family, we are very proud of the company’s nearly 60-year history of delivering world-class engineering and project management for major infrastructure projects,” said José Luis Manzanares Abásolo, Chief Executive Officer of Ayesa Group. “Colliers is the natural partner for Ayesa Engineering given their belief in our strategy and people, and the respect they have shown for our history in Spain and Seville – reflected in their commitment to preserving Ayesa’s presence in the region.”

“Joining Colliers enables us to build on our legacy of innovation and service excellence, expand our offerings to clients, and create new opportunities for our professionals,” said Rosalío Alonso, Chief Operating Officer of Ayesa Group, who will assume the role of Chief Executive Officer of Ayesa Engineering at closing. “Our team is excited to continue to grow our business as long-term partners for many years to come.”

Brand, headquarters, and employment continuity

Ayesa Engineering will continue to operate under its current brand, which has been established as a leading engineering firm for over 60 years. The company’s headquarters will remain in Seville, its city of origin, reaffirming its commitment to the development of high-quality employment and economic activity in the region.

Under the Colliers platform, Ayesa Engineering will continue to execute its growth strategy, strengthening its position in existing markets while evaluating new opportunities in additional geographies.

The transaction ensures continuity of the management team, providing stability to the business while creating new professional development pathways for its teams. In line with Colliers’ partnership model, Ayesa Engineering’s senior leadership team and other employee shareholders will retain an equity interest in the company.

Upon completion of the transaction, José Luis Manzanares will step down from his role as CEO of Ayesa, and Rosalío Alonso, currently Chief Operating Officer, will be appointed as the new CEO of Ayesa Engineering.

In this way, the Manzanares family completes its investment cycle in Ayesa, which began with Ayesa’s founder, José Luis Manzanares Japón, in 1966, after having contributed to the creation of one of the world’s leading engineering companies.

In connection with the transaction, Alantra acted as financial advisor and Uría Menéndez acted as legal advisor to Colliers. Baird and Arcano Partners acted as financial advisors and Pérez-Llorca and Weil, Gotshal & Manges acted as legal advisors to Ayesa Group and its owners, Alvarez & Marsal Capital Europe and the Manzanares family.