FirstService Residential Solidifies Market Leadership Position in Greater Toronto Metropolitan Area
April 05 2023 - 7:30AM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that FirstService Residential, the North American
property management leader, has recently acquired Crossbridge
Condominium Services Ltd. (“Crossbridge”). The existing management
team will continue to lead day-to-day operations. Terms of the
transaction were not disclosed.
Founded in 1996 and headquartered in Toronto,
Crossbridge is the leading residential management company in
Ontario, Canada, with a marquee portfolio of condominium properties
under management. The acquisition cements FirstService Residential
as the market leader in the Greater Toronto Area, the third largest
metropolitan area across the U.S. and Canada and also one of the
fastest growing high-rise urban markets in North America.
“We will be working closely with Crossbridge’s
leadership team to unlock opportunities for their associates and
clients to benefit from FirstService Residential's operating
expertise and value-added programs in the areas of client-focused
technology, associate training and development, and energy
efficiency,” said John Brea, FirstService Residential President,
North Region.
“We are delighted to welcome Sandro Zuliani and
the Crossbridge team to FirstService Residential. We share a
commitment to service and delivering exceptional value to our
condominium corporation clients,” said David Diestel, FirstService
Residential CEO. “This acquisition provides our leadership teams
and associates with an opportunity to accelerate our success and
growth in this key market.”
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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