TORONTO – Private equity firm Tricor Pacific Capital Inc. has signed a deal to increase its stake in private commercial real estate services company Avison Young.
Avison Young said Thursday the latest investment will allow Tricor to “expand on its meaningful minority stake” in the company.
Financial terms of the deal were not immediately available.
Avison Young said the investment will be used to expand its operations including the addition of staff and acquisitions.
Tricor made an initial $40-million investment in Avison Young in October 2011 that was used to fund growth. The company has added 34 offices and 800 employees including an office in Britain since that time.
Avison Young now has 59 offices in Canada, the U.S. and Europe.
“We are delighted that Tricor has decided to make an additional investment in Avison Young, to assist us in the ongoing execution of our compelling strategy,” Avison Young chairman and chief executive Mark Rose said in a statement.
“Our collective vision and goals for the future of Avison Young are completely aligned. Through its support, Tricor will play a vital role in the next stage of Avison Young’s growth.”