FirstService Expands California Closets Company-Owned Platform
January 14 2016 - 7:30AM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV)
(“FirstService
”) announced today
that its California Closets business has further expanded its
company-owned operations with the acquisition of its Los Angeles
franchise. California Closets is a unit of FirstService subsidiary,
FirstService Brands, and is the leading North American provider of
closet and home storage solutions with 80 franchised and
corporate-owned locations. Terms of the transaction were not
disclosed.
“This transaction advances our strategy of
acquiring California Closets franchises in certain key markets and
integrating them with our existing company-owned platform,” said
Charlie Chase, President & CEO of FirstService Brands. “We now
have a dozen corporate-owned locations which are being configured
with our centralized manufacturing facility in Phoenix to drive
greater efficiencies and profitability.”
“We are excited with the prospects of owning a
key market like Los Angeles,” said Bill Barton, President & CEO
of California Closets. “We gain a foothold in a marquee,
fast-growing territory which has significant potential for further
market share penetration through our industry-leading brand,” he
concluded.
About FirstService
CorporationFirstService 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 $1.2 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.
COMPANY CONTACT:
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
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