The newly announced partnership between Peerage Realty Partners and The Byng Group strategically reinforces their respective strengths, accelerating North American growth opportunities for both companies – specifically in the fast-growing “rent ready” market, focused on the services required to facilitate turnover for multi-family residential rentals.
TORONTO, May 3, 2021 – Peerage Realty Partners Inc. (“Peerage Realty”) has acquired a substantial partnership interest in The Byng Group (“Byng”), Canada’s leading provider of services that prepare multi-family residential rental units for new occupants.
Byng’s executive team, headed by CEO Frank Settino, will continue to lead the company founded by his father 50 years ago. Frank and the Settino family continue to own a significant stake in Byng, as he becomes an important partner in Peerage Realty’s North American network of entrepreneurial leaders in the premium residential real estate services business.
With the backing of Peerage Realty, Byng will further expand its leadership in the “rent ready” sector, upgrading and preparing rental properties for new residents. It also has an enhanced opportunity to further extend its services into condominium, seniors housing, and residential re-sale markets across North America.
The Byng Group partnership deepens Peerage Realty’s client offerings to developers and building owners adding further value to the residential re-sale experience.
“We are fortunate to find a partner in this fast-growing sector of real estate services who shares Peerage’s entrepreneurial spirit and values,” said Trevor Maunder, President and CEO of Peerage Capital. “The opportunity to leverage Byng’s reputation for consistent excellence is exciting, allowing us to expand and enhance Peerage’s offering to its growing client base across North America.”
“Peerage Realty was the ideal strategic partner to enable us to continue our ambitious growth plans, expanding our offering across Canada and into the United States,” said Byng CEO, Frank Settino. “We share a commitment to providing best-in-class service and support to all of our clients.”
Gavin Swartzman, President and CEO of Peerage Realty, noted: “Partnering with Byng reflects our strong confidence in all parts of the residential real estate business. This is another important strategic initiative as our operations grow from residential real estate brokerage – both resale and new construction – to include an expanded offering of real estate services.” He added, “We are building on our legacy of partnering with the very best talent in our industry to deliver superior service to all our clients.”
Toronto-based M&A advisory firm, WD Capital Markets (www.wdcapital.ca) is advisor to Byng and arranged the transaction with Peerage.
The Byng Group provides end-to-end turnover renovation services to owners & managers of multifamily rental properties across Ontario.
Ranging from standard apartment turns to full repositions, Byng’s scalable offering combines vertical integration, exceptional project management and in-house fabrication facilities with proprietary ERP technology.
Evolved over 50 years, The Byng Group provides an unmatched offering across a wide geography, diverse portfolio, and high volume as one of the largest integrated turnover services providers in the multifamily marketplace.
ABOUT PEERAGE REALTY PARTNERS
Founded in 2007, Peerage Realty Partners, a subsidiary of Peerage Capital, offers a unique and time-tested professional partnership model for entrepreneurial North American real estate service firms in premium markets. It has the unique benefit of being a private family and management-owned enterprise that is positioned to commit to long-term investments and time horizons.
Through its Partner firms, Peerage Realty transacted over C$18 billion in residential sales in 2020 and forecasts sales of C$20 billion in 2021. It has over 3,000 best-in-class sales representatives and 86 offices in Canada and the United States.
To support growth and expansion, Peerage Realty consistently provides strategic input, capital, technology, operational expertise, marketing, public relations, and value-added products and services that differentiate and strengthen its Partner firms in competitive markets. Its goal is to expand the suite of services that its Partner firms can offer to enhance the client experience through all phases of a real estate transaction and beyond.
Peerage Realty’s partners include: Baker Real Estate, the leader in new development and condominium sales and marketing in the Greater Toronto Area, and Montreal; BakerWest, a new construction condominium sales and marketing firm in Vancouver; Chestnut Park, one of the top luxury firms in Ontario; Epic Real Estate Solutions, condominium marketing experts with a focus on the interior of British Columbia; Fifth Avenue Real Estate Marketing, a leader in new development and condominium sales and marketing in British Columbia; Jameson Sotheby’s International Realty, a luxury firm in the greater Chicago area; Madison & Company Properties LLC, a leading luxury brokerage in Denver, Colorado; Sotheby’s International Realty Canada, a national luxury real estate broker; and StreetCity Realty, a progressive brokerage and back office services provider in Ontario.
ABOUT PEERAGE CAPITAL GROUP
Peerage Capital Group (“Peerage Capital”) is a leading North American business services and private investment firm. Peerage Capital is focused on partnering with exceptional, entrepreneurial management teams to form long-term investments across several strategic business services platforms including real estate services, real estate development and management, land assembly, self-storage, asset management and wealth advisory services.
A growing network of partner companies employs over 3,000 people across Canada and the United States with approximately C$10 billion in total assets under management (AUM) and administration and transacting over C$18 billion in annual sales of residential real estate.
Peerage Capital focuses on service sectors where there are opportunities to achieve scale through both organic growth as well as through acquisition, operating synergies, and brand differentiation.
It supports the Partner firms in which it invests by providing capital as well as a team of experienced professionals who add value in such areas as strategy, finance, technology, marketing, mergers and acquisitions, and communications.
Peerage Capital believes that superior talent is the ultimate driver of long-term growth and success. It operates with a strong culture of partnership, collaboration and alignment of interests, both economic and cultural. Peerage Capital’s unique “Professional Partnership” model has been refined over 40 years to accelerate growth through value-added services that enhance the sustainable, profitable growth rate of the organization, maximizing value for all stakeholders.
FOR FURTHER INFORMATION:
Vice-President, Corporate and Partner Communications