Pacific Quorum Properties Inc., one of British Columbia’s largest locally-owned property management firms, today announced that it has signed a definitive agreement to acquire Touchstone Property Management Ltd., effective October 1, 2016.
It has been a growth-filled year for Pacific Quorum, which has shown no signs of slowing down. With locations in Vancouver, Surrey and Whistler already, the company added offices in Kelowna, Penticton and Sicamous with the acquisition of Okanagan Strata Management in February, expanding their service offering into the Okanagan. The acquisition of Touchstone marks Pacific Quorum’s second of 2016, and comes fresh off the heels of being recognized as one of Canada’s Fastest-Growing companies by PROFIT 500 for the 4th consecutive year earlier this month.
The Touchstone acquisition increases Pacific Quorum’s management portfolio, which now includes in excess of 24,000 units, comprised of close to 400 strata corporations, retirement and investment properties, leaseholds, housing co-operatives, and commercial properties.
While an acquisition can often spell uncertainty for clients and employees of the acquired company, leaders from both organizations are already collaborating to mitigate any concerns over this transition.
John Peccia, President of Pacific Quorum, has asked the entire Touchstone staff to join the Pacific Quorum Team, while Donna McCrone, Former President and Managing Broker of Touchstone, will be staying on throughout the early stages of the acquisition to ensure a smooth transition for Touchstone’s clients.
“We are extremely excited at the potential that this move brings to our organization,” says Peccia. “The acquisition allows us to continue working towards our goals for growth, while adding an excellent team of dedicated professionals that share our passion for the industry. I believe this is an excellent opportunity for both teams to collaborate and learn from each other; which ultimately will only improve the quality of service that we can offer our clients.”
“The philosophical alignment between Touchstone and Pacific Quorum was essential to accomplishing this agreement,” says McCrone. “It has been a very emotional and difficult decision-making process. Having met and formed so many wonderful relationships over the years, I wanted to ensure that our clients and team would be well taken care of.”
As a result, McCrone had developed a long list of requirements for any potential buyers.
“I only considered companies with strong leadership, integrity, and a passion for the industry,” adds McCrone. “Additionally, I was seeking a company with a client-centric focus, knowledge of the local market, and the resources to not only meet the service-level our clients are accustomed to; but to further add-value. At the end of the day, there was only one company that completely met my criteria.”
“This is a very exciting time for the team at Pacific Quorum,” says Peccia. “This move adds value at every level of the organization. We are adding a talented group of like-minded professionals to our team while strengthening our position as a local industry leader. Additionally, expanding our management portfolio puts us in a position to further leverage our buying power with key trades that service the properties we manage, meaning that we can potentially add value to our current clients as well.”
Learn more about Touchstone Property Management by visiting their website.