FSV FirstService Corporation

FirstService Corporation (NASDAQ:FSV) (TSX:FSV) announced today that it has expanded its market-leading residential property management operations with the acquisitions of K.A. Diehl in South Carolina and Bruner & Rosi in California. Together, these transactions add a total of 170 homeowner associations with 31,000 residential units and increase FirstService’s portfolio of properties under management to over 7,400 associations comprising 1.6 million residential units throughout North America. Terms of the transactions were not disclosed.

Founded in 2002, K.A. Diehl is one of the leading residential property management firms in South Carolina with particular strength in the Myrtle Beach market. Jack Boselli, CEO, will retain an equity interest in the business and continue to lead day-to-day operations. Bruner & Rosi, founded in 1999, extends the FirstService leadership position in San Diego. Co-founder Marge Rosi will continue to lead the business, which will be combined with existing FirstService operations in the greater San Diego market.

FirstService also expanded its ancillary services capabilities with the acquisitions of Pride Pool Service & Repairs and Wilcoxon Inc. Pride provides swimming pool maintenance and repair services in the greater Las Vegas, Nevada region and introduces a new capability to this important market. Wilcoxon is a leading provider of pool repair and renovation services in the U.S. Mid-Atlantic region, with operations extending across Maryland, Virginia, West Virginia, Delaware and Washington DC. Both acquisitions strengthen FirstService’s existing leadership positions in the Las Vegas and Mid-Atlantic markets.

“A key element to our strategy at FirstService is to augment strong organic growth with prudent acquisitions that will increase scale, extend our footprint or enhance our service offering,” said Scott Patterson, CEO of FirstService. “Each of these additions is aligned with our strategy as we continue to expand across all markets and service lines,” 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 $1.2 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 www.FirstService.com 

 

COMPANY CONTACTS:

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500