- Article by Tili Bensley-Nettheim
Australia-based global workplace design expert Unispace has finalised a transaction for the 100% sale of the company to multinational private equity firm PAG.
Under the agreement, PAG won’t take an active role in the day-to-day management of Unispace, with its non-executive board members’ support providing an extra layer of strategic insight moving forwards.
The acquisition will provide new avenues for business and a global network connections, especially in Asia which the firm has identified as a key growth market for the business.
The current shareholders of Unispace will sell 100% of the privately held company to PAG and depart their executive roles.
Other senior executives and management, including the recently appointed chief executive officer, Steve Quick, will remain with the company in their current roles, with additional non-executive board members to be appointed by PAG.
“Unispace is a growth-focused business, and PAG supports our strategy and will be a part of the continued and accelerated growth journey,” says Unispace CEO Steve Quick of the sale.
“We believe PAG is the ideal partner for us as we enter the next phase of business maturity. This move will help us realise our growth potential through new markets, and by leveraging PAG’s extensive global networks, specifically in key Asian growth markets” continues Quick.
With companies around the world now looking ahead to what the post-pandemic workplace means for their business, Unispace is leveraging its Propeller future of work framework and using predictive analytics to model expected occupancy levels to inform future workplace usage.
“It’s about helping businesses navigate beyond yellow tape, one-way arrows and Covid-safe office signage to find fit-for-purpose, longer-term solutions beyond Covid” says Quick
APAC Managing Director of Unispace, Rob Aird, predicts that the acquisition will accelerate growth in key markets as owners and occupiers worldwide continue to grapple with the short and longer-term impacts of COVID-19 on workplace design, commercial tenancies, and real estate portfolios.
“We have grown exponentially since we launched amid the global financial crisis some 10 years ago and have evolved into a serious global player by focusing on our clients’ needs and delivering value for them. Now it’s about cementing our future growth strategy for the next 10,” explains Aird.
Since its inception in 2010, Unispace has been at the vanguard of an integrated approach to office strategy, design and construction, growing the business to a global enterprise with over 600 people and 48 locations in 27 cities.
Lead photo: Woodside Energy headquarters in Perth designed by Unispace and Cox. Photo by Shannon McGrath.