Colliers buys Ayesa as quarterly revenue hits $1.57B
What's the deal? Colliers InternationalDealroom has a profile for this one. Try Dealroom → (TSX:CIGI) has acquired Ayesa EngineeringDealroom has a profile for this one. Try Dealroom →, folding the infrastructure and buildings design firm into its fast-growing engineering arm. The deal, announced in June 2026, closed late in the quarter ended June 30, 2026. Terms were undisclosed.
What's the context? Colliers is a diversified professional services and investment management group listed in Toronto and on Nasdaq. It runs three segments: commercial real estate, engineering, and investment management.
What do the numbers say? Second-quarter revenue reached $1,572.5 million, up 17%, with consolidated adjusted EBITDA of $205.3 million, up 14%. Engineering, the segment absorbing Ayesa, grew fastest — revenue of $427.8 million, up 30%. Internal revenue growth in local currency was 8%.
Why it matters: Statutory results were more modest. GAAP operating earnings of $98.4 million dipped below the $99.2 million a year earlier, which Colliers attributed to higher acquisition costs tied to Ayesa.
What about the balance sheet? Acquisitions absorbed $725.1 million of cash in the quarter. Net debt to pro forma adjusted EBITDA rose to 2.8 times at June 30, 2026, up from 2.0 times at the end of 2025. Total debt, excluding mortgage warehouse facilities, was $2,505.7 million.
What's the endgame? Colliers says roughly 70% of trailing twelve-month earnings are recurring, intended to cushion its transaction-driven brokerage business. Management reaffirmed a 2026 outlook of mid-teens growth in revenue, adjusted EBITDA and adjusted EPS, including Ayesa but excluding further deals.
What could go wrong? The main risks are integrating a sizeable engineering acquisition, higher leverage, and the sensitivity of brokerage and capital-markets revenue to interest rates and property sentiment. The outlook is explicitly subject to macroeconomic uncertainty.
The signal: The next milestone is third-quarter results on November 4, 2026, which should show Ayesa's first full-quarter contribution and whether leverage starts easing toward Colliers' historical range.
Read more: kalkine.ca
Image credit: Images George Rex
