Cassidy Turley bought by investment group

TPG Capital has completed its purchase of commercial real estate firm Cassidy Turley, which has operations in Dayton and Cincinnati.

The private equity investment consortium of TPG (formerly Texas Pacific Group), PAG Asia Capital and Ontario Teachers’ Pension Plan bought the real estate services firm Cassidy Turley in a deal estimated to be valued at more than $500 million, according to a company release.

Cassidy Turley’s new owners bought commercial property firm DTZ in November and will combine the two firms. The merged companies will have about $2.9 billion in annual revenues and more than 28,000 employees, according to a release.

“The new DTZ combines the capabilities of a world-class firm with the client experience of a smaller, more nimble and more tenacious organization” CEO Tod Lickerman said in a statement.