FirstService Acquires Century Fire Protection
April 06 2016 - 4:20PM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV) announced today
that it has acquired Century Fire Protection (“Century”), one of
the largest full-service fire protection companies in the
Southeastern United States. The acquisition adds an important
service capability to FirstService’s portfolio of essential
property services. Scott Tutterow, Founder and CEO of Century, will
continue to lead the operations and retain a minority stake
alongside senior management. Terms of the transaction were not
disclosed.
Headquartered near Atlanta in Duluth, Georgia,
Century provides end-to-end fire protection solutions including
design, fabrication, installation, maintenance, repair, monitoring
and inspection services for commercial, residential, industrial and
institutional clients. The company employs approximately 600 staff
operating out of 12 offices throughout Georgia, Alabama, North
Carolina, South Carolina, Tennessee and Texas. Century generated
revenues of $93 million in 2015 with operating margins similar to
FirstService’s existing company-owned operations.
“We are excited to be partnering with
FirstService,” said Scott Tutterow, CEO of Century Fire. “The
cultural and strategic fit and the attractiveness of the
FirstService partnership model were critical factors in our
decision to join FirstService. With the backing and credibility of
a highly regarded and well-capitalized public company, we are
ideally positioned to accelerate our growth.”
“Century is an important strategic acquisition
that complements our existing operations and expands our services
capabilities,” said Scott Patterson, CEO of FirstService. “Fire
protection shares similar attractive characteristics with our other
service platforms: it is an essential service in a large, highly
fragmented market subject to increasing regulation which supports
recurring, contractual revenue and robust industry growth. With its
leadership position and reputation for service excellence, Century
is poised to capitalize on the significant market opportunity. On
behalf of our entire organization, I would like to welcome Scott
and his team into the FirstService family,” he concluded.
About FirstService
CorporationFirstService Corporation is a North
American leader in the essential outsourced 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 $1.3 billion in
annual revenues and has approximately 16,000 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:
D. Scott Patterson
President & CEO
FirstService Corporation
(416) 960-9500
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
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