FirstService Brands Expands Company-Owned Operations
July 12 2016 - 7:30AM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”)
today announced that it has further expanded its FirstService
Brands company-owned operations through the acquisitions of Paul
Davis Restoration North Florida and California Closets Washington
DC. Terms of the transactions were not disclosed.
The acquisition by Paul Davis Restoration
(“PDR”) of its North Florida franchise is the continuation of PDR’s
strategy to build a national platform of company-owned operations.
Marguerite and Michael Mumford will remain as partners in the
business and continue to run the day-to-day operations.
“We are thrilled to be joining Paul Davis
Restoration’s company-owned operations,” said Marguerite Mumford,
President. “The insurance restoration industry is undergoing
significant change and our partnership with FirstService, with its
relentless focus on client service, industry-leading technology,
resources and proprietary programs will better position us to
service the rapidly evolving needs of our valued insurance
clients.”
The acquisition of California Closets Washington
DC marks the thirteenth addition to California Closets
company-owned locations and establishes a major platform for growth
in the large DC metropolitan area.
“Both of these acquisitions build on our
strategy of acquiring leading franchise operations in key markets,”
said Charlie Chase, CEO of FirstService Brands. “As market leaders
in their respective industries, Paul Davis Restoration and
California Closets have the unique opportunity to leverage their
strength and scale to provide a consistent, enhanced level of
service to our clients,” 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 $1.3 billion in
annual revenues and has more than 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 FirstService.com.
COMPANY CONTACTS:
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
Charlie Chase
CEO
FirstService Brands
(610) 975-6045
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