Paul Davis Restoration Expands Company-Owned Operations
March 23 2023 - 4:30PM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that Paul Davis Restoration has recently added to
its company-owned platform with the acquisition of its franchised
operation serving the Houston, Texas, Raleigh, North Carolina and
Nashville, Tennessee markets. The owner will retain an equity
interest in the business and continue to lead the existing
management team in overseeing day-to-day operations. Terms of the
transaction were not disclosed.
The acquired operations constitute one of the
largest franchises in the Paul Davis network and render a full
range of remediation and restoration services to residential,
commercial, and institutional property owners and property
managers. The business has significant growth potential given its
market presence in three large urban areas within the south eastern
and south central U.S. regions including Houston, the fourth
largest metropolitan area in the U.S. With this acquisition, Paul
Davis now oversees 15 company-owned operations within its aggregate
network of 330 locations across North America.
“We are excited to be further cementing our
partnership with this highly-regarded Paul Davis leadership team
and operation,” said Rich Wilson, CEO of Paul Davis Restoration.
“This transaction is another key step in advancing our strategy of
selectively acquiring franchises in key markets to deepen our
relationships and better serve our national and regional insurance
carrier clients.”
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 $3.7 billion in
annual revenues and has approximately 27,000 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
FirstService (NASDAQ:FSV)
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