FirstService Further Expands Market-Leading Position in Florida
September 21 2015 - 8:46PM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV)
("FirstService
") announced today
that it has expanded its market-leading residential property
management business in Florida with the acquisition of Custom
Property Management, one of the premier providers of residential
property management services in West Palm Beach and surrounding
areas. Dave Brown, who founded Custom in 1982, will continue to
lead its day-to-day operations as President. The transaction will
add over 16,000 units to FirstService Residential's existing
property management portfolio, which totals approximately 7,200
properties comprised of over 1.6 million residential units
throughout North America. Terms of the transaction were not
disclosed.
"This acquisition complements our existing market-leading
operations in Palm Beach, Martin and Broward counties," said Chuck
Fallon, CEO of FirstService Residential. "Dave and his team share
our passion for service excellence and for delivering outstanding
value to clients making Custom a great fit within the FirstService
Residential family."
"We are thrilled to be joining FirstService and its
industry-leading residential property management group," said Dave
Brown. "FirstService's proven track record of success, leading-edge
operating systems and proprietary programs will enable us to
differentiate our service offering from those of competitors,
adding tangible value to our clients while creating rewarding new
opportunities for our staff," he concluded.
ABOUT FIRSTSERVICE CORPORATION
FirstService Corporation is a North American leader in the
property services sector, serving its customers through two
industry-leading service platforms: FirstService Residential, North
America's largest manager of residential communities;
and FirstService Brands, one of North America's largest
providers of essential property services delivered through
individually branded franchise systems and company-owned
operations.
FirstService generates more than $1.1 billion in annual revenues
and has more than 15,000 employees across North America. With
significant insider ownership and an experienced management team,
FirstService has a long-term track record of creating value and
superior returns for shareholders. The Subordinate Voting
Shares of FirstService trade on the NASDAQ and the Toronto Stock
Exchange under the symbol "FSV".
For the latest news from FirstService Corporation, visit
FirstService.com.
FORWARD-LOOKING STATEMENTS
Certain statements included in this release contain words such
as "could," "expects," "expectations," "may," "anticipates,"
"believes," "intends," "estimates" and "plans" (and similar
expressions) and constitute "forward-looking statements" within the
meaning of applicable securities law. These statements are based on
FirstService's current expectations, estimates, forecasts and
projections about the operating environment, economies and markets
in which FirstService and its subsidiaries operate. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which are difficult to predict and
may cause the actual results, performance or achievements of
FirstService, or outcomes or results, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business
conditions which will, among other things, impact demand for the
FirstService's services, service industry conditions and capacity
and the cost of providing services; the ability of FirstService to
implement its business strategy, including FirstService's ability
to acquire suitable acquisition candidates on acceptable terms and
successfully integrate newly acquired businesses with its existing
businesses; changes in or the failure to comply with government
regulations (especially safety and environmental laws and
regulations); and other factors which are described in
FirstService's filings with the U.S. Securities and Exchange
Commission and Canadian regulatory authorities. These statements,
although considered reasonable by FirstService at the date of this
press release, may prove to be inaccurate and consequently
FirstService's actual results could differ materially from its
expectations as set out or implied in this release. Unless
otherwise required by applicable securities laws, FirstService
disclaims any intention or obligation to update or revise any
forward-looking statements.
CONTACT: Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
Chuck Fallon
CEO
FirstService Residential
(954) 926-2921
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