PGP Valuation Inc.



PGP Valuation Inc.
Colliers International



Colliers International

November 30, 2006 09:30 ET

PGP Valuation and Colliers Macaulay Nicolls Merge Appraisal Services

- Move follows purchase of PGP Valuation by FirstService Corporation

PORTLAND, OREGON and SEATTLE, WASHINGTON--(CCNMatthews - Nov. 30, 2006) - Following the sale of a majority stake of PGP Valuation Inc. (PGP) to FirstService Corporation (NASDAQ:FSRV)(TSX:FSV), parent company to Colliers Macaulay Nicolls Inc (Colliers CMN), the largest affiliate in the Colliers International network, the U.S. arm of CMN's appraisal service, Colliers International Realty Advisors (CIRA), will become part of PGP. As one of North America's top real estate services company, Colliers CMN will continue to offer clients a competitive and wide range of services including seamless access to PGP's valuation services.

All programs and services formerly offered by CIRA will be folded into the PGP portfolio, allowing Colliers CMN to offer expanded, more comprehensive valuation services to its clientele, and expanding Colliers CMN's geographic reach through access to another 125 appraisers within eight U.S. cities including Seattle, Sacramento, Vancouver (WA), Portland, San Diego, Honolulu, Las Vegas and Atlanta.

"The enhancements created by this partnership will allow Colliers CMN to provide customers and employees access to the best-equipped experts in the field," said Rick Chichester, President North America, Colliers CMN. "The addition of PGP is an important step for Colliers CMN, increasing our reach into new markets, and further enhancing our market leading offering for our clients."

PGP Valuation, headquartered in Portland, Oregon, is one of the largest commercial valuation firms in the country, providing comprehensive, in-depth valuation and market analysis throughout the United States. PGP administers a $1 billion portfolio, has tripled its revenue in the past few years, and will finish this year with $20 million in revenue and net margins in excess of 20 percent.

PGP is well-known within the industry for its proprietary software known as the Report Builder template program that breaks down property into seven basic types. PGP's account management tools also include an intranet system for billing, job tracking and payroll, a centralized production facility and a centralized appraiser database. While Colliers CMN benefits from PGP's innovative technology and geography, PGP gains exposure to Colliers CMN's international client base and brand equity.

"Colliers CMN is the perfect partner for PGP," said Ken Harrison, President of PGP Valuation Inc. "The resources and tools that PGP will be bringing to Colliers CMN will allow for a more rapid response to market needs that will benefit existing clients and team members, as well as provide Colliers CMN with an increased area of expertise. Working together, PGP and CMN will gain a competitive edge internationally."

About PGP Valuation Inc.

PGP Valuation Inc. (www.pgpinc.com) was established in 1978 to serve the appraisal and valuation needs of business, government and industry. Since then, PGP has grown to become one of the largest commercial/industrial appraisal firms serving the United States with 153 employees (approximately 125 appraisers) in eight offices; including 23 members of the Appraisal Institute (MAI).

About Colliers CMN & Colliers International

Colliers CMN (www.colliersmn.com) is a leading international real estate services company that provides a full range of services to commercial real estate users, owners and investors worldwide. With annualized revenues in excess of US$600 million, Colliers CMN is the largest member of the Colliers International global network, one of the top three commercial real estate service organizations in the world with annual revenues of US$1.4 billion. The Colliers International global network has 241 offices in 54 countries worldwide (130 in the Americas, 65 in Europe, Middle East and Africa and 46 in Greater Asia).

About FirstService Corporation

FirstService is a leader in the rapidly growing property services sector, providing services in the following areas: commercial real estate; residential property management; property improvement; and integrated security services. Market-leading brands include Colliers International and Cohen Financial in commercial real estate; The Continental Group in residential property management; California Closets, Paul Davis Restoration, Pillar to Post Home Inspections, and Certa Pro Painters in property improvement; and Intercon Security and Security Services & Technologies in integrated security.

FirstService is a diversified property services company with more than US$1.4 billion in annualized revenues and more than 12,000 employees worldwide. More information about FirstService is available at www.firstservice.com.

Contact Information

  • PGP Valuation Inc.
    Ken Harrison
    President
    (760) 720-2525
    Website: www.pgpinc.com
    or
    CMN/Colliers International
    Rick Chichester
    President, North American Operations
    (213) 627-1214
    Website: www.colliersmn.com