FirstService Residential Extends Market Leadership Position in Florida
September 29 2021 - 7:30AM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that FirstService Residential, the North American
property management leader, has recently acquired the Condominium
Association Management Division of Atlantic | Pacific Companies
(“APAM”), a fourth generation real estate organization. Terms of
the transaction were not disclosed.
APAM is one of the leading providers of
high-rise condominium management services in South Florida with
more than 20,000 units under management across approximately 100
association properties. The APAM acquisition further extends
FirstService Residential’s leadership position within the high-rise
segment in the South Florida market.
“This is a key transaction which cements our
presence in South Florida and brings additional capabilities to
compete and increase our market share,” said David Diestel, Chief
Executive Officer of FirstService Residential. “The addition of
APAM strengthens our talent pool and furthers our brand position,
allowing us to better serve and add value to our community
association clients. We welcome APAM’s team of experienced
associates to the FirstService family and look forward to working
together in further advancing our growth strategy in the important
Florida market,” 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 more than $3.0 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
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