On November 4 2025,  CBRE Group Inc. announced that they have  acquired Pearce Services LLC. The initial purchase price is approximately $1.2 billion in cash plus a potential earn-out of up to $115 million, subject to Pearce meeting certain performance thresholds in 2027.

Founded in 1998 and based in Paso Robles, CA, Pearce provides design engineering, maintenance, and repair services for blue-chip clients in North America that depend on it to optimize asset uptime and output.

CBRE Group, Inc., 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.

J.P. Morgan Securities, LLC and Wells Fargo are acting as financial advisors and Sullivan & Cromwell LLP as legal advisor to CBRE. Ropes & Gray LLP is acting as legal advisor to Pearce and New Mountain Capital.

Miller Thomson acted as Canadian counsel for New Mountain Capital with a team led by Michael Caruso and comprised of Sarah Langille, Devin Persaud, Jayme Millar, Raquel Moses, Sandra Wright (Corporate/M&A), Eric Dufour (Competition),  Barry Horne, Daniel L Kiselbach, Thomas Ghag (Tax), Michelle MacGillivray (Labour and Employment), Tamara Farber (Environment),  Ciaron Czajkowski (Transactions and Leasing), Megan Kocher and Brian Spencer (Paraprofessionals).