Milan
CBRE Group Acquires Hitrac Engineering Group in Italy
March 1, 2023
Associated Contact
Local Global Comms Director
CBRE Group, Inc., the world's largest commercial real estate services and investment firm (based on 2021 revenue), today announced a definitive agreement to acquire Hitrac Engineering Group Spa, a leading Italy-based company that provides design, installation and maintenance services.
Founded in 1992 and headquartered in Rome, Hitrac has more than 200 employees in five locations across Italy and two branches in South America, supporting local Italian clients across the globe. Hitrac specializes in critical environments across a range of sectors, including data centres, telecoms, corporate and military/defence specialists. The combination will form the largest operator in the critical infrastructure market in Italy.
On completion of the acquisition, Hitrac will operate as part of CBRE’s Global Workplace Solutions (GWS) business in Italy and will significantly expand CBRE’s presence across the country. Hitrac will strengthen CBRE GWS’s technical self-delivery capabilities and its ability to deliver a full suite of integrated, highly specialised technical services and projects.
“Hitrac is a great company and will help us to grow and better serve our clients in Italy. We are thrilled to bring their highly skilled technicians to our teams and reinforce our services, particularly in sectors such as data centres and public administration,” said Matt Cook, Managing Director, Italy, GWS | Local.
Fabrizio Mainas, CEO of Hitrac, who will continue to guide the group following the acquisition, said: “This is an opportunity to provide our clients with stronger, more diversified, transformative solutions. We are excited to embark on this journey with CBRE as we believe that the combination of our cultures and technical expertise will drive innovation and growth, generating significant value for both groups.”
This acquisition is expected to close in the coming months and is subject to regulatory approval.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Hitrac Engineering Group Spa
Founded in 1992 as the technology services dealer of Liebert-Hiross (Emerson Network Power group, today Vertiv), Hitrac Engineering Group is one of Italy's leading General Contractors and System Integrators, specialising in the design, implementation, management and maintenance services of state-of-the-art technological systems for critical infrastructures. Thanks to its skills and excellent working standards, it has operated in more than 40 countries with some of the most important companies in the IT, TLC, energy, finance, heavy industry, aerospace, defence and intelligence sector. To date, Hitrac is among the companies with the highest number of certifications in technology and security clearance in Italy.
Forward-Looking Statements
Certain of the statements in this release regarding acquisition of Hitrac Engineering Group Spa that do not concern purely historical data are forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our management’s expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Accordingly, actual performance, results and events may vary materially from those indicated in forward-looking statements, and you should not rely on forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in forward-looking statements, including, but not limited to, the ability to integrate the acquired business into CBRE’s existing facilities management business in Italy as well as other risks and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements and other risks and uncertainties to our business in general, please refer to our SEC filings, including our Form 10-K for the fiscal year ended December 31, 2022. Such filings are available publicly and may be obtained from our website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected].