JLL announced an agreement to acquire the Federal Advisory and Scully Capital Services Inc. divisions of Value Recovery Group (VRG), a leading government consulting and asset management firm. The transaction will bring JLL highly specialized talent in Public-Private Partnership (P3) transactions and infrastructure financing and will enhance the firm’s already strong Federal Advisory, Higher Education and State and Local government specialities. It is expected to close in November subject to customary closing conditions.
The acquisition will add approximately 20 employees to JLL’s Public Institutions team, including key leaders from VRG’s Federal Advisory team–Brian Oakley and Ben VanBuskirk–who will hold senior leadership roles at JLL. Founded in 1993, VRG is a proven leader in P3 transaction and infrastructure financing, program management, and long-term asset management oversight of large scale loan portfolios. VRG has numerous long-standing relationships with federal agencies with some dating back nearly 20 years.
“The public sector continues to partner with the private sector for expert advice and capital to manage and operate assets more efficiently and cost effectively,” said Kevin Wayer, President, Public Sector and Higher Education, JLL. “VRG has a proven reputation of providing exceptional client service and is recognized as a trusted partner to government clients. Additionally, VRG’s team adds to our deep talent pool and is a perfect complement to JLL’s Public Institutions Advisory platform.”
Based in Columbus, Ohio, VRG specializes in a wide range of asset management services for government clients. The Federal Advisory division, which JLL is acquiring, focuses on P3 transaction and program management services for various federal government clients including the Department of Transportation and the Department of Energy.
“VRG’s Federal Advisory business has shown consistent growth and demonstrated value to our clients, and we believe that this growth could be enhanced with the right strategic partner,” said Ralph Griffith, Chief Operating Officer, VRG. “Having worked with JLL for many years on government contracts, we have seen the firm’s expertise and know they are the right partner to continue to grow this strong business. Both companies share the same emphasis on teamwork, ethics and service excellence.”
JLL's Public Institutions group identifies and implements strategies that allow public sector organizations to fully leverage their real property in close alignment with their organizational missions.