FirstService Expands Paul Davis Restoration Company-Owned Operations
January 10 2017 - 7:30AM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”)
today announced that its Paul Davis Restoration (“PDR”) business
has further expanded its company-owned operations through the
acquisition of Paul Davis National (“PDN”), a specialized
commercial and large loss operation within PDR. The acquisition
represents the fourth addition to PDR’s rapidly growing
company-owned platform. The terms of the transaction were not
disclosed.
Previously owned in partnership by several PDR
franchisees, PDN was established in 2005 to service emergency
large-scale disasters which typically require specialized equipment
and a highly coordinated effort among PDR’s 370 operations across
North America. Daniel Druml and Chip Bifano will remain in their
roles as CEO and President, respectively, and continue to lead
day-to-day operations.
“Joining Paul Davis Restoration’s company-owned
platform was a natural strategic fit for us given the geographic
breadth and resource-intensive nature of our business,” said Daniel
Druml, CEO of Paul Davis National. “The transaction will enable us
to better leverage FirstService’s collective scale, resources and
relationships to provide our clients and franchisees across the
continent with an enhanced level of service and a broader range of
value-added programs and capabilities delivered seamlessly through
one platform.”
“Our goal is to provide our corporate and
national insurance company clients with consistent and streamlined
disaster recovery and restoration services from our company-owned
operations,” said Rich Wilson, CEO of Paul Davis Restoration. “The
addition of Paul Davis National, with its nationwide footprint of
strategically deployed specialty equipment and vehicles together
with its experienced team of professionals, significantly enhances
our service capacity and response times in addressing large
catastrophes. We look forward to working closely with Dan and Chip
and their entire management team as we expand relationships with
our clients across North America,” he concluded.
ABOUT PAUL DAVIS
RESTORATIONPaul Davis Restoration is a provider of
residential and commercial restoration services primarily serving
the insurance industry in the U.S. and Canada through 370
franchises and four company-owned operations. Paul Davis provides
full-service water, fire and mold cleanup, construction rebuild and
restoration services for property damaged by natural or man-made
disasters. Paul Davis Restoration is one of several property
service businesses owned within the FirstService Brands division of
FirstService Corporation.
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 $1.4 billion in
annual revenues and has more than 17,000 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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