FirstService Brands Completes Three Tuck-Under Acquisitions
December 20 2022 - 7:30AM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
today announced that its FirstService Brands division has recently
completed three acquisitions. Terms of the transactions were not
disclosed.
First Onsite Restoration acquired New Orleans,
Louisiana-based Emergency Restoration, Inc. Founded in 2003, the
company is a provider of emergency water mitigation and property
restoration services throughout the New Orleans metropolitan area.
Emergency Restoration has a strong, broad base of commercial
clients that include long-standing relationships with local school
boards, property managers, hotels, insurance brokers and adjusters.
This acquisition enhances our presence and client coverage in a key
geographic region susceptible to weather-driven property
damage.
Paul Davis Restoration added to its
company-owned platform with the acquisition of its franchised
operation serving the Salt Lake City, Utah and Las Vegas, Nevada
metropolitan areas. Established in 2014, this business is one of
the largest franchises in the Paul Davis network and the largest
restoration service provider in Salt Lake City. The company
performs mitigation, contents, reconstruction and mold remediation
services for residential, commercial, and institutional property
owners and property managers. This acquisition furthers our
strategy of selectively acquiring franchises within our aggregate
network of 330 locations across North America.
California Closets also further expanded its
company-owned operations with the acquisition of its franchised
territory within Portland, Oregon and surrounding areas, adding a
market with significant future growth potential. With this
addition, California Closets now has 21 company-owned operations
out of 80 overall locations.
“These three transactions are a continuation of
our strategy to augment our capabilities and geographic coverage
across existing operations through selective tuck-under
acquisitions,” said Scott Patterson, Chief Executive Officer of
FirstService. “We look forward to jointly working with the
operating leaders and their teams to drive incremental growth
opportunities in their respective markets,” he concluded.
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$3.5 billion
in annual revenues and has approximately 25,000 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.
For the latest news from FirstService
Corporation, visit FirstService.com.
COMPANY CONTACTS:
Jeremy
RakusinCFOFirstService
Corporation(416) 960-9566
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jun 2024 to Jul 2024
FirstService (NASDAQ:FSV)
Historical Stock Chart
From Jul 2023 to Jul 2024