Millman & CBRE
Carleton McKenna & Co acted as the exclusive sell-side representative to Millman National Land Services (“Millman”) in its sale to CBRE.
Press Release
Millman, headquartered in Canton, OH, provides full-scale land services nationally, including American Land Title Association (ALTA)/National Society of Professional Surveyors (NSPS) surveys, telecommunications/cell tower surveys, zoning reports and real estate compliance solutions.
The acquisition of Millman provides CBRE with the opportunity to provide ALTA/NSPS survey capabilities to clients directly—the top standard for all land surveys—as part of its Assessment and Consulting Services (ACS) team within Valuation and Advisory Services (VAS).
“Millman has state-of-the-art technology and an innovative business model that delivers services efficiently, consistently and accurately. Their people will enhance our national team of engineers, architects and environmental scientists that provide expert assessments to help our clients make informed investment decisions,” said Tom Edwards, Global President of VAS for CBRE.
Millman’s 75 employees, including those located in the firm’s Querétaro, Mexico office, will fully integrate with CBRE’s ACS team. Vincent Macauda, President and General Counsel, will continue to run the incoming team’s operations as a Managing Director for CBRE.
“We are excited for what our joining with CBRE brings to our clients, which will enable them to have access to comprehensive transactional real estate due diligence services in a true one-stop shop approach,” said Mr. Macauda.
Industry Expert
Nora T. Mahoney
Managing Director
Industry Expert
Christopher J. McKenna
Managing Partner
Case Study
Based in Canton, OH, Millman Surveying, Inc. is a leading provider of comprehensive national land services, including ALTA and NSPS surveys, telecommunications/cell tower surveys, zoning reports and real estate compliance solutions. Carleton McKenna was engaged by Millman to run a full-scale sell-side transaction process, with the goal of maximizing valuation and preserving the Company’s hard-earned legacy.
After a comprehensive, custom-built marketing process, Carleton McKenna created a competitive bidding environment through thoughtful Company positioning and a fulsome buyer pool. Carleton McKenna’s marketing process resulted in nine Indications of Interest from which the Millman owner selected five parties with strong valuations and theses to move to the next phase of diligence. Ultimately, the business was sold to commercial real estate powerhouse, CBRE, with all Millman employees (except for the owner, by choice) continuing under the new ownership. Given Millman’s strong, synergistic, last-piece-of-the-puzzle fit with CBRE, Millman was valued on its high watermark TTM Adj. EBITDA, earning a premium market multiple despite softening commercial real estate transaction activity. Millman continues to operate under its own name within CBRE, enhancing CBRE’s team of national engineers, architects and environmental scientists to provide expert assessment to clients.
