Global Restoration Completes Two Acquisitions
March 04 2021 - 7:30AM
FirstService Corporation (TSX and NASDAQ: FSV)
(“FirstService”) announced today that its subsidiary, Global
Restoration Holdings (“Global”), has recently acquired Spectrum
Restoration Services Ltd. (“Spectrum”) and Trilink Restoration
Services, LLC (“Trilink”). Terms of the transactions were not
disclosed.
Spectrum, established in 2006 and based near
Edmonton, Alberta, is a full-service emergency response and
restoration firm servicing industrial, healthcare and hospitality
clients across central Alberta, Saskatchewan and the surrounding
areas.
Headquartered in Oklahoma City, Trilink is one
of Oklahoma’s largest independent commercial and residential
restoration services providers. Trilink’s team provides a full
range of emergency restoration services across a diverse client
base, including healthcare, hospitality, multifamily and
education.
“Both Spectrum and Trilink extend Global’s
commercial restoration capabilities and expertise into new
markets,” said Jeff Johnson, Executive Chairman of Global. “These
transactions are a continuation of our strategy to further build
out our geographical footprint to better serve our regional and
national account clients. We are delighted to have the Spectrum and
Trilink teams join our organization to drive further growth,” he
concluded.
With the addition of Spectrum and Trilink,
Global has completed nine tuck-under acquisitions across North
America since becoming a subsidiary of FirstService in mid-2019.
Global’s operations, including recent acquisitions, will be
rebranded under a single name, FIRST ONSITE, effective March 29,
2021.
ABOUT FIRSTSERVICE
CORPORATION
FirstService Corporation is a North
American leader in the essential outsourced 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 approximately $2.8
billion in annual revenues and has approximately 24,000 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 Common Shares of FirstService trade on the
NASDAQ and the Toronto Stock Exchange under the symbol
"FSV".
For the latest news from FirstService
Corporation, visit www.FirstService.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information and
forward-looking statements within the meaning of applicable
Canadian and U.S. securities laws. Much of this information can be
identified by words such as “expect to,” “expected,” “will,”
“estimated” or similar expressions suggesting future outcomes or
events. FirstService believes the expectations reflected in such
forward-looking information and statements are reasonable but no
assurance can be given that these expectations will prove to be
correct and such forward-looking information and statements should
not be unduly relied upon. Forward-looking information and
statements are based on current information and expectations that
involve a number of risks and uncertainties, which could cause
actual results or events to differ materially from those
anticipated. These risks include, but are not limited to, the risks
related to FirstService’s business, including those identified in
FirstService’s annual information form for the year ended December
31, 2020 under the heading “Risk factors” (a copy of which may be
obtained at www.sedar.com or as part of FirstService’s Form 40-F at
www.sec.gov). Forward-looking information and statements contained
in this news release are made as of the date hereof and are subject
to change. All forward-looking information and statements in this
news release are qualified by these cautionary statements. Except
as required by applicable law, FirstService undertakes no
obligation to update any forward-looking information and statement,
whether as a result of new information, future events or
otherwise.
COMPANY CONTACT:
Jeremy
RakusinCFOFirstService
Corporation(416) 960-9566
FirstService (NASDAQ:FSV)
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