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Home > News & Views > Case Studies > You have acquired a business.. now what?
When Altus UK decided to buy its biggest competitor, they had to get the integration right first time. The team at Altus could see they would need expert support, and reached out to Berkeley.
Altus Group is a global software and advisory firm for the real estate industry. It offers property tax and valuation advice to people and companies that own, lease or invest in commercial property. Its UK business spans investment and valuation to lease consultancy and business rates.
The UK is a valuable market for the group, which has a long history of buying smaller businesses to grow market share. Altus had been weighing up the possibility of another acquisition and, in 2017, was in talks to buy CVS Ltd, its largest rival in the UK. CVS was not only bigger than Altus UK but also very different both in culture and in operation. This would make it harder to subsume than a smaller company, and Altus foresaw this. The joint company would mean more than a doubling of revenues and workforce size and would be Altus’s biggest acquisition globally for nearly a decade.
Headquartered in Canada and listed on the Toronto Stock Exchange, Altus had to update the market about the deal and the anticipated value it would deliver. The board signed off and projections were shared with analysts, which in turn would affect share price. The integration of CVS would be scrutinised internally and externally. For global CEO Robert Courteau and UK President - Expert Services, Alex Probyn, success was vital.
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