FirstService Brands Expands Company-Owned Operations
October 10 2018 - 7:30AM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
today announced that it has expanded its FirstService Brands
company-owned operations with three recent acquisitions within its
Paul Davis Restoration (“PDR”) and California Closets business
lines. Terms of the transactions were not disclosed.
PDR recently completed two acquisitions which
broaden the geographic footprint of its company-owned restoration
services. The addition of one of PDR’s leading Kentucky-based
territories provides additional service coverage and capabilities
between the Eastern and Midwest regions of its company-owned
operations. The acquisition of the Seattle franchise adds a
presence in another major metropolitan market which will serve as
the foundation for a new regional platform on the U.S. west coast.
Including these two acquisitions, there are currently a total of
eight PDR company-owned operations.
FirstService Brands also added to its California
Closets company-owned platform with the acquisition of its
franchise within the Houston metropolitan area, which represents
the fifth largest market in the U.S. providing significant future
growth potential. Following this acquisition, California Closets
now has 17 company-owned operations out of 80 overall
locations.
“We continue to make steady progress with our
company-owned strategies at Paul Davis and California Closets,”
said Charlie Chase, CEO of FirstService Brands. “These tuck-under
acquisitions are consistent with our objective to enhance our
presence in major markets which offer significant incremental
growth opportunities,” he concluded.
ABOUT FIRSTSERVICE
CORPORATION
FirstService 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 $1.8 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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