Avison Young, a commercial real estate services firm has announced the acquisition of the Toronto-based property appraisal company, Metrix Realty Group (Ontario) Inc.
"We are extremely pleased to announce the acquisition of Metrix Ontario, which is the next step in our ongoing growth in Canada," said Mark Rose, Chair and CEO of Avison Young. "This expansion of our existing property appraisal service-line offering will give us greater capabilities to provide valuation and advisory services to our clients on a local and national basis - something that our clients are asking for. This acquisition is the ideal way to accomplish that goal."
According to the press release of Avison Young in PR NewsWire, the acquisition is part of the plan of the company to expand its valuation and advisory service business-line coverage across the Greater Toronto Area (GTA) and the rest of Canada. The acquisition will also rebrand the Metrix Realty Group to Avison Young, and will make Metrix Ontario Founder and President Paul Stewart and Vice-President Matthew McWatters as Principals.
"I am excited by the opportunity to bring our team's experience and commitment to Avison Young," says Stewart. "At Metrix Ontario, we have worked hard to assemble a team of valuation professionals that is second to none, while maintaining a corporate culture that benefits both our staff and our clients -- a culture very similar to that of Avison Young. We couldn't be more pleased to be joining this Principal-led firm, and look forward to meeting and collaborating with our new colleagues across Canada, the U.S., Mexico and Europe."
With the purchase, an additional 18 employees will join Avison Young's operations. All the new members of Avison Young will be part of Avison Young's Toronto North office, which is being expanded to accommodate them.
"With the capabilities that Paul and his team bring to the table, this strategic acquisition not only helps us build out our platform of appraisal services in the GTA, but will allow us to provide our clients with the best level of service," stated Mark Fieder, Avison Young's Chief Operating Officer in Canada. "We welcome Paul and the entire Metrix Ontario team to Avison Young and look forward to collaborating with them as we continue to grow the company in ways that benefit our clients."