FirstService Further Expands California Closets Company-Owned Operations
April 04 2019 - 4:30PM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that it has further expanded its California Closets
company-owned operations with the acquisitions of its Baltimore and
South New Jersey franchises. Following these transactions,
California Closets now has 19 company-owned operations among its 80
total franchised territories. Terms of the transactions were not
disclosed.
“We are delighted to add two strong-performing
operations, which have been led by long-standing franchise owners,
to our rapidly growing company-owned platform,” said Bill Barton,
President & CEO of California Closets. “With the addition of
the Baltimore franchise, which is adjacent to our existing
Washington, D.C. operation, we are well-positioned to capitalize on
our significant market opportunity. The South New Jersey franchise
also provides a sizeable geographic footprint within close
proximity to the New York metropolitan area, the largest U.S.
market,” he added.
“These two acquisitions provide key market
footholds in the attractive and growing Mid-Atlantic region,” said
Charlie Chase, President & CEO of FirstService Brands. “Both
operations will benefit from the migration of production into our
eastern centralized manufacturing facility in Grand Rapids,
Michigan and ongoing investments to increase capacity,” 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 US$1.9 billion
in annual revenues and has more than 20,000 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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