JLL buyout Propells reach
A BRISBANE-BASED national valuation firm has put its future in the hands of one of the world’s largest property services companies.
JLL has bought Propell National Valuers for an undisclosed price.
Propell chief executive Bart Mead said to compete and grow it was vital to continue to “corporatise” the business.
“We want to become the most dominant player in the Australian space in our sector and we couldn’t see a better way to do this than being a part of the most dominant property services company in Australia,” he said.
Propell is one of Australia’s largest privately owned and integrated national valuation firms and its head office will continue to be at Milton, in Brisbane’s western fringe.
The Propell leadership team will join JLL in senior operational roles. The business, which has more than 200 staff, will operate as Propell, a JLL company, during a transition and integration phase.
JLL chief executive Stephen Conry said the price paid for Propell was a “substantial figure but worth it”.
He said the acquisition, which was 12 months in the making, would ensure the global giant’s valuation services had a greater reach around Australia. “We have doubled the revenue of our valuations business in the past five years,” Mr Conry said.
“We are now dramatically increasing JLL’s specialisation even further with the addition of the impressive Propell team, which will allow us to present a full suite of services under one banner.”
The agreement was struck with Propell’s 15 individual shareholders who joined forces in 2007 when four state-based businesses, Alex J Saunders Valuations in Queensland, Stanley Thompson in Adelaide and Sydney and Ray White Valuers in Perth, created the company. Mr Mead said Propell became a “single entity business” in 2011.
“This (deal) is another big step forward in the corporatisation of the valuation profession and is a big milestone in the evolution of our sector,” he said.
“Our sector has corporatised a lot in the last five to seven years and we believe it will continue to do so because our clients want to deal with corporates and this is another step in that process.”
WITH ANTHONY MARXARX