Debenham Thouard Zadelhoff, known as DTZ, was a European joint venture originated from UK, France and the Netherlands, operating as a commercial real estate services firm. On September 1, 2015, Cushman & Wakefield and DTZ merged. The firm now operates under the Cushman & Wakefield brand and has a new visual identity and logo. The new Cushman & Wakefield is majority owned by an investor group led by TPG, PAG, and OTPP. 1784 DTZ founding predecessor firm, Chesshire Gibson, established in Birmingham, UK. 1853 Beginnings in London with second predecessor Debenham and Tewson. 1987 Listed on the London stock exchange as Debenham, Tewson & Chinnocks. 1993 A European joint venture and creation on a new entity with Jean Thouard of France, and the Zadelhoff Group in Germany and the Netherlands, creates the DTZ brand. 1999 The DTZ brand extends into Asia with partners CY Leung & Co and Edmund Tie & Co in Singapore. DTZ’s French subsidiary acquired a majority shareholding in DTZ Asset Management, France. 2004 - 2008 DTZ opened of offices in India and Bahrain and its continued expansion into China. These years saw global growth across India, the Middle East, China, the United Kingdom, Canada and the US. 2011 In December 2011, the parent company DTZ Holdings was placed into administration and its business entities were sold to UGL in order to repay GB£77.5m of an outstanding GB£106m debt owed to Royal Bank of Scotland and its shareholders equity was wiped out after a deal with its majority shareholder Saint George Participations and BNP Paribas Real Estate fell through. the company was reportedly worth almost GB£500m around 2006. The company was in financial difficulty after a spending spree prior to financial crisis buying Rockwood in the US and retail agent Donaldsons.