Milrose acquires Texas-based land use consultancy Masterplan
Milrose Consultants, the country’s largest provider of building code consulting and municipal compliance services, has acquired Masterplan, a Dallas-based full-service land use and planning consultancy.
Founded in 1981, Masterplan is the largest land use firm in the Texas region specializing in zoning, permitting, and community engagement. The firm has more than 40 employees across offices in Austin, Dallas, Frisco, Houston, and Fort Worth, and has obtained thousands of government approvals for clients in the development industry.
Milrose’s acquisition of Masterplan will expand the consulting firm’s presence into Texas and strengthen its ability to provide full-spectrum services.
“Texas is one of the fastest growing national real estate markets and has some of the more stringent and complex land-use, building code and zoning, and municipal permitting regulations and processes. As more of our clients and companies across the country continue to invest in and grow their presence in Dallas-Fort Worth, Austin, Houston, and the surrounding cities, we are excited to have Masterplan as part of our team and be able to offer our combined suite of specialized services to all existing and new clients across Texas,” said Dominic Maurillo, CEO of Milrose.
The acquisition is Milrose’s seventh since Southfield Capital invested in the firm in 2019. The Greenwich, CT-based private equity firm focuses on high-growth, lower mid-market companies in the outsourced business services sector.
"The partnership with Masterplan further supports Milrose's commitment to be the premier provider of real estate consulting services across the country,” said Chris Grambling, principal at Southfield Capital. “We're excited to welcome the Masterplan team and continue to grow our full-spectrum suite of services on a national scale."
Founded in 1988, Milrose is headquartered in New York and has further offices across New Jersey, Connecticut, Pennsylvania, Illinois, California, and Washington, DC. The firm has grown to more than 150 professionals delivering permitting, code and zoning, regulatory filing, due diligence, and other compliance solutions to the commercial real estate market.
Dallas Cothrum, PhD, president of Masterplan, added, "It's an exciting time for our entire Texas team. This opportunity gives us a chance to expand our offerings and locations while still taking care of our clients. This is a new and promising chapter as we approach 50 years in business."
Wiggin & Dana provided legal counsel and BDO USA provided transaction advisory services to Milrose and Southfield Capital. Financial terms of the transaction were not disclosed.
