TAX NEWS - JUNE 2010
Canada Tax: Canadian company buys Brazos Tax Group
Brazos has now changed its name to Altus Group. A purchase price was not disclosed, but Altus said in a statement that it was done with cash, bank financing and equity.
Forty-nine percent of the Fort Worth firm had been owned by Steve Mills, Brazos' president, who founded it 10 years ago. The majority ownership was held by Ben Loughry, Donnie Sherwood, Mark Lamb, Ted Brooks and Charlie Bissell.
Mills said he will stay on as the Altus Group's senior director of the Fort Worth office.
The majority ownership group, all partners in the Fort Worth and Dallas offices of Integra Realty Resources, bought into Brazos six years ago.
"It is a great global opportunity for us at Brazos Tax Group, and the vision and opportunities the leadership of Altus has for us is extremely compelling and very exciting," Mills said.
Added Loughry, "It was an opportune time to sell because 2009 was our highest-volume year. Altus offers a platform in which Steve can expand significantly."
Two years ago, Altus was considering buying Integra Realty Resources, but the deal fell through.
Brazos has 12 employees and serves clients nationwide and in Canada. Altus employs more than 1,600 in 60 offices in 14 countries.