The Carey Winston Co. yesterday announced plans to be acquired by a diversified Italian company for $8.4 million in cash and stock, a move that the Chevy Chase real estate firm said will provide capital for future growth in the mid-Atlantic region.
The deal with DeTomaso Industries Inc. also will give Carey Winston a foothold in Europe, where the company hopes to expand. Before the announcement, DeTomaso and Carey Winston had worked on two real estate-related projects with a European financial institution and a grocery chain.
"The real estate industry is consolidating, and so companies need infrastructure and to be large enough to provide that infrastructure and an expanded level of services to clients," said Thomas Nordlinger, Carey Winston's president and chief executive.
As part of its $25 million expansion plan, Carey Winston this month purchased Barrueta & Associates, a Washington commercial real estate brokerage firm. With the capital from DeTomaso, Nordlinger said, the firm expects to complete other such acquisitions.
For DeTomaso, Carey Winston provides a platform for diversification.
Pub Date: 8/15/96