FirstService Adds to California Closets Company-Owned Operations
March 09 2021 - 7:30AM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that it has further expanded its California Closets
company-owned operations with the acquisition of its Minneapolis
franchise. With this transaction, California Closets now has 20
company-owned operations among its 80 total franchised territories.
Terms of the transaction were not disclosed.
“The addition of Minneapolis is an important
move in advancing our strategy of acquiring California Closets
franchises in key markets,” said Charlie Chase, President & CEO
of California Closets. “As a company-owned operation, we expect to
accelerate our growth in one of the largest metropolitan areas in
the Midwest U.S. and capitalize on migrating production to our
centralized eastern manufacturing center,” he concluded.
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 Rakusin
CFO FirstService Corporation
(416) 960-9566
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