Grover, Elliott & Co. Ltd. acquired by management

Corporate Finance case study


Grover, Elliott & Co. Ltd.


Corporate Finance


Sell-side advisory


Grover, Elliott & Co. Ltd. (“Grover Elliott”) is a leading real estate appraisal firm based in Vancouver, British Columbia.

Founded in 1974, the company has nine accredited appraisal professionals with an average industry experience of over 20 years and an extensive database of 28,000 completed appraisals across key market segments, including commercial, industrial and multi-family residential properties.

The company is established as a ‘go-to’ real estate appraisal firm for developers, investors/businesses, law firms (litigation) and government entities throughout British Columbia.


The owner of the business was looking to facilitate his phased retirement and support the succession of the business to a new buyer group that would recognize the strategic value of the company, enable him to fully exit the business, and offer his employees both security and future development opportunities.


The company received numerous unsolicited offers from integrated real estate services companies to acquire the business over the years and engaged PwC to review those offers or find an alternative buyer to facilitate the owner’s desired succession plan.

Given the size, history of profitability and nature of the business, we also assessed the potential sale of the company to all or some of the appraisers currently employed by Grover Elliott. After pitching the idea to the employees, three appraisers emerged as viable candidates and ultimately formed one group to acquire the company.


We negotiated a transaction that enabled the owner to step away from the business, transition the company to a group of employees committed to preserving the legacy of the company, while still receiving a highly competitive valuation.

“I am thrilled to transition the business to members of my management team in order to provide them with the opportunity to carry on the legacy of this company.  I would also like to thank PwC, whose advice and guidance, culminating in this transaction, has been invaluable. I wish my team all the best under the new ownership.” – Larry Dybvig, President and former owner Grover Elliott

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