FirstService Brands Completes Four Acquisitions
April 19 2018 - 7:30AM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”)
today announced that it has expanded its FirstService Brands
company-owned operations with four recent acquisitions within its
California Closets and Paul Davis Restoration (“PDR”) service
platforms. Terms of the transactions were not disclosed.
California Closets acquired its Las Vegas
franchise earlier this year, adding a well-run operation with a
strong team which is well-positioned to further capitalize on the
fast-growing Las Vegas market. With this acquisition, California
Closets now has 16 company-owned operations out of 80 overall
locations.
FirstService Brands has also expanded its
restoration services operations across the Eastern and Midwest
regions of North America through three recent acquisitions. Two of
these tuck-under transactions are PDR franchises, including the key
Washington, D.C. territory and the leading operation in western
Canada which provides a foundation for the launch of PDR’s Canadian
company-owned strategy. With the addition of these two
acquisitions, there are currently a total of seven PDR
company-owned operations. The third non-PDR acquisition bolsters
the Paul Davis operating platform by adding further expertise and
service capabilities and addressing certain gaps in its geographic
footprint. The three transactions will deliver aggregate annual
revenues of approximately $35 million.
“These transactions collectively advance our
company-owned growth strategies within our Brands division,” said
Charlie Chase, CEO of FirstService Brands. “Each acquisition
further broadens our presence in key growing markets and enhances
our capabilities to better serve 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 $1.7 billion in
annual revenues and has more than 19,000 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
RakusinCFOFirstService
Corporation(416) 960-9500
Charlie
ChaseCEOFirstService
Brands(866) 366-0420
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