FirstService Residential Expands Operations to Boston
June 08 2016 - 7:30AM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV)
(“FirstService
”) announced today
that it has expanded its market-leading residential property
management operations into the Boston area with the acquisition of
The Niles Company (“Niles”). Founded in 1907, Niles is one of
Boston’s longest-standing and most respected property management
firms. Jerry Ragosa, who joined the company in 1984, will continue
to lead its day-to-day operations as President. The transaction
will add over 80 properties to FirstService Residential’s existing
property management portfolio, which totals approximately 7,500
properties comprised of over 1.6 million residential units
throughout North America. Terms of the transaction were not
disclosed.
“Boston is in the midst of a real estate
transformation which has led to unprecedented development
throughout the city and surrounding suburbs, making it one of the
fastest-growing residential markets in the country,” said Jerry
Ragosa. “FirstService’s proven track record of providing
best-in-class service to clients, industry-leading technology,
resources and proprietary programs will enable us to bring value to
our clients while better positioning us to capitalize on the
significant opportunity ahead in this market.”
“Niles provides us with an excellent platform
for growth in the important Boston market which is one of the
leading cultural, educational and technology centers in the country
and one of the ten largest metropolitan areas in the United
States,” said FirstService Residential CEO Chuck Fallon. “We are
delighted to be adding such a highly respected organization into
the FirstService family and look forward to working closely with
Jerry and his team to further enhance the value proposition for
their clients,” he concluded.
ABOUT FIRSTSERVICE
CORPORATION
FirstService 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:
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
Chuck Fallon
CEO
FirstService Residential
(954) 926-2921
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