FirstService Acquires Market-Leading California Closets Franchise
March 09 2017 - 7:30AM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV)
(“FirstService
”) announced today
that it has acquired one of the largest franchised operations
within its California Closets franchise system, encompassing the
southern California areas in Orange County, Long Beach and Palm
Desert
(“California Closets Orange
County
”). Leslie, CEO, and Scott Seigel,
President, co-founders and owners of California Closets Orange
County, will continue to lead its day-to-day operations. Following
this acquisition, California Closets now has 14 company-owned
operations among its 80 total franchised territories. Terms of the
transaction were not disclosed.
“The Orange County business has a long track
record of leading operational performance within California
Closets. We are delighted to add this marquee franchise and the
strong team led by Leslie and Scott into our company-owned
operations,” said Bill Barton, President & CEO of California
Closets. “This acquisition significantly enhances our presence in
key southern California markets and further buttresses our
geographic breadth and scale along the U.S. west coast,” he
concluded.
“California Closets Orange County represents a
landmark addition to our company-owned operations,” said Charlie
Chase, President & CEO of FirstService Brands. “Over the past
35 years, Leslie and Scott Seigel have been exceptional ambassadors
of the California Closets brand, culminating in the growth of their
business into a market-leading franchise. This transaction is a key
step in further advancing our strategy of acquiring control of
California Closets franchises in major North American markets and
integrating them with our existing company-owned platform.”
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 $1.5 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 CONTACTS:
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
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