FirstService Expands Property Restoration Platform
January 05 2022 - 7:30AM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that it has recently completed five acquisitions
within its property restoration operations, including four regional
commercial restoration firms within its operating subsidiary, First
Onsite Restoration, and an additional residential restoration
services provider under its Paul Davis Restoration service line.
These transactions further expand our North American geographic
footprint and property restoration service capabilities. The
leaders of each of these businesses will continue to run their
respective day-to-day operations. Terms of the transactions were
not disclosed.
A-1 Flood Tech, founded in 1969 and
headquartered in Manasas, Virginia under the leadership of
President Greg Orndorff, Jr., provides commercial water mitigation
and mold remediation services within Washington D.C., Maryland and
Virginia. The addition of A-1 solidifies First Onsite’s
Mid-Atlantic coverage and deepens its presence within the
Washington D.C. market, the sixth largest metropolitan area in the
U.S.
Established in 1976 and based in Seattle,
Washington, Bales Restoration is a leading provider of commercial
water remediation and restoration services within the Seattle
metropolitan area. The company also delivers specialized
containment and decontamination services expertise to hospitals and
other healthcare facility clients. Bales augments both First
Onsite’s presence in the Pacific Northwest region and its
healthcare vertical capabilities.
Kauai Restoration & Cleaning, established in
2013 and led by its Founder, Gabe Prieto, is the leading provider
of commercial mitigation and reconstruction services on the island
of Kauai, Hawaii. The addition of Kauai Restoration further expands
First Onsite’s market-leading presence across the Hawaii
islands.
Founded in 2010, based in Milwaukee, Wisconsin
and led by its Founder, Mike Wyne, Emergency Fire & Water
Restoration is a full-service commercial property restoration firm
serving the southern Wisconsin market. This acquisition bolsters
First Onsite’s Midwest regional coverage, adding a strong presence
in the Milwaukee and Madison metropolitan areas within southern
Wisconsin.
“These four acquisitions are important in
further advancing our strategy and operational excellence by
expanding our geographic footprint and increasing our timely
response to best serve our national and regional commercial
clients,” said Stacy Mazur, First Onsite CEO, U.S. “We welcome the
operating leaders and associates within each of these organizations
and look forward to combining our efforts and expertise in driving
future growth.”
In addition to the above-mentioned tuck-under
transactions completed by First Onsite Restoration, our Paul Davis
Restoration operations recently closed the acquisition of Stat
Services, an independently owned provider of residential
restoration services. Founded in 2002 and headquartered in
Williamsburg, Virginia, the company provides emergency and
reconstruction services to homeowners throughout the state of
Virginia. Stat Services will be rebranded under the Paul Davis
brand name and adds a new market territory to the Paul Davis
network of 325 franchised and company-owned locations across North
America.
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 US$3.1 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", and
are included in the S&P/TSX 60 Index. More information is
available at www.firstservice.com.
COMPANY CONTACT:
Jeremy
RakusinCFOFirstService
Corporation(416) 960-9566
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