Altus Group Acquires a Healthcare Tax Consulting Business in the United States
02 Juli 2013 - 5:14PM
Marketwired
Altus Group Limited ("Altus" or "the Company") (TSX:AIF) today
announced the acquisition of Complex Property Advisors Corporation
("CPAC") by Altus Group U.S. Inc. Based in Texas, CPAC is a leading
provider of appraisal and specialized property tax consulting
services to the healthcare and industrial sectors. CPAC counts
among its clients some of the largest for-profit hospital
corporations and healthcare REITS in the United States ("US").
"CPAC represents a particularly attractive opportunity for Altus
as it increases our footprint in the US and provides us with strong
competitive positioning in the healthcare tax and appraisal space,
which is an important and growing market. This acquisition supports
our US growth plans, while maintaining our commitment to local,
independent advice," said Bob Courteau, CEO, Altus. "Healthcare
reforms in the US are expected to drive an increase in the number
of for-profit hospitals, the segment of the market where CPAC has
the experience to compete most effectively for the business. We
welcome the 22 CPAC staff to the Company and look forward to
ensuring that clients benefit from our combined industry-leading
reputation, experience and extended service offerings."
"We are very excited about joining Altus," said Trey Beazley,
President, CPAC. "We believe this combination will prove to be
beneficial for both companies. Our team will be able to continue
delivering the accurate and timely advice our clients expect, in
addition to providing the more comprehensive services offered by
Altus."
Altus acquired the business and assets of CPAC in exchange for
cash and common shares of the Company. The acquisition is expected
to be accretive to adjusted EPS (earnings per share) within the
first twelve months.
About Altus Group Limited
Altus leads the global real estate industry in offering
professional real estate advisory services, data solutions and
intelligence about an organization's assets, generating a wealth of
knowledge and insight. Altus has over 1,700 employees in multiple
offices around the world, including Canada, the United Kingdom, the
United States, Australia and China. We operate five interrelated
Business Units, bringing years of experience and a broad range of
expertise together into one comprehensive platform: Research,
Valuation and Advisory; Cost Consulting and Project Management;
Property Tax, Geomatics and ARGUS Software. Altus' clients include
banks, financial institutions, governments, pension funds, asset
and fund managers, developers and landlords and companies engaged
in the oil and gas industry.
Forward-Looking Information
Certain information in this press release may constitute
"forward-looking information" within the meaning of applicable
securities legislation. Generally, forward-looking information can
be identified by use of words such as "may", "will", "expect",
"believe", "plan", "would", "could" and other similar terminology
and includes information that relates to Altus' growth plans,
strategies and intentions, future financial and operating
performance and prospects, its expectations as to the acquisition
of CPAC and its future operating performance and prospects.
Forward-looking information is based on, among other things,
opinions, assumptions, estimates and analyses that, while
considered reasonable by Altus at the date the forward-looking
information is provided, inherently are subject to significant
risks, uncertainties, contingencies and other factors that may
cause actual results and events to be materially different from
those expressed or implied by the forward-looking information. The
material factors or assumptions that Altus identified and were
applied by Altus in drawing conclusions or making forecasts or
projections set out in the forward looking information include, but
are not limited to, the execution of its business strategy,
including the success of its initiatives and the acquisition of
CPAC; and no significant and continuing adverse changes in general
economic conditions or conditions in the financial markets.
Inherent in the forward-looking information are known and
unknown risks, uncertainties and other factors which could cause
actual results, performance or achievements of Altus, or industry
results, to differ materially from any results, performance or
achievements expressed or implied by such forward-looking
information. Those risks, uncertainties and other factors that
could cause actual results to differ materially from the
forward-looking information include: general state of the economy;
competition in the industry; ability to attract and retain
professionals; integration of acquisitions; customer concentration;
currency risk; interest rate risk; reliance on larger software
transactions with longer and less predictable sales cycles; ability
to maintain profitability and manage growth; revenue and cash flow
volatility; credit risk; protection of intellectual property or
defending against claims of intellectual property rights of others;
weather; fixed-price and contingency engagements; operating risks;
performance of obligations/maintenance of client satisfaction;
appraisal mandate; legislative and regulatory changes; risk of
future legal proceedings; insurance limits; capital investment; and
issuance of additional common shares diluting existing
shareholders' interests, as well as those described in Altus'
publicly filed documents, including the Annual Information Form
(which are available on SEDAR at www.sedar.com).
Forward-looking information is not, and cannot be, a guarantee
of future results or events. Should one or more of these risks,
uncertainties and other factors materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, the reader should not place undue reliance on
forward-looking information. The forward-looking information
contained herein is current as of the date of this press release
and, except as required under applicable law, Altus does not
undertake to update or revise it to reflect new events or
circumstances.
Contacts: Altus Group Limited Elif McDonald VP, Investor
Relations and Corporate Communications (416) 641 -
9804investor.relations@altusgroup.com www.altusgrouplimited.com
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