FirstService Strengthens its Market Leading Position in Residential Property Management in New York
July 27 2010 - 4:30PM
FirstService Corporation (Nasdaq:FSRV; TSX:FSV and FSV.PR.U) today
announced it has increased the size and breadth of its market
leading residential property management business in New York City
through the acquisition of Goodstein Management, one of New York's
most respected providers of residential property management
services. Goodstein Management manages more than 9,000 units in New
York City and generated more than $7 million in revenues in
calendar 2009. Terms of the transaction were not disclosed.
"All of us at Goodstein Management are delighted to be joining
FirstService Residential and its market leading platform in New
York and the Tri-State Region," said Sandy Lewis, CEO of Goodstein
Management. "FirstService's proven track record, leading-edge
operating systems and proprietary programs will help us add greater
value to our clients and accelerate our growth in the years to
come."
"Expanding our market-leading position in New York City has been
a key strategic priority for us and further demonstrates our
ability to enhance the value of some of the most important
properties and clients in New York," said Gene Gomberg, CEO of
FirstService Residential. "The addition of Goodstein Management,
with its exceptional management team and portfolio of iconic
properties, is another step forward in our strategy in the North
East. We look forward to working with Sandy Lewis and his highly
capable management team."
ABOUT FIRSTSERVICE
FirstService Corporation is a global diversified leader in the
rapidly growing property services sector, providing services in the
following three areas: commercial real estate, residential property
management; and property services. The industry-leading service
platform includes Colliers International, the third largest global
player in commercial real estate services; FirstService Residential
Management, the largest manager of residential communities in North
America; and TFC, North America's largest provider of property
services through franchise and contractor networks.
FirstService generates more than US $1.8 billion in annualized
revenues and has over 18,000 employees worldwide. More information
about FirstService is available at www.firstservice.com.
Forward-looking Statements
Certain statements included in this release contain words such
as "could", "expects", "expectations", "may", "anticipates",
"believes", "intends", "estimates" and "plans" (and similar
expressions) and constitute "forward-looking statements" within the
meaning of applicable securities law. These statements are based on
FirstService's current expectations, estimates, forecasts and
projections about the operating environment, economies and markets
in which FirstService and its subsidiaries operate. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which are difficult to predict and
may cause the actual results, performance or achievements of
FirstService, or outcomes or results, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business
conditions which will, among other things, impact demand for the
FirstService's services, service industry conditions and capacity
and the cost of providing services; the ability of FirstService to
implement its business strategy, including FirstService's ability
to acquire suitable acquisition candidates on acceptable terms and
successfully integrate newly acquired businesses with its existing
businesses; changes in or the failure to comply with government
regulations (especially safety and environmental laws and
regulations); and other factors which are described in
FirstService's filings with the U.S. Securities and Exchange
Commission and Canadian regulatory authorities. These statements,
although considered reasonable by FirstService at the date of this
press release, may prove to be inaccurate and consequently
FirstService's actual results could differ materially from its
expectations as set out or implied in this release. Unless
otherwise required by applicable securities laws, FirstService
disclaims any intention or obligation to update or revise any
forward-looking statements.
CONTACT: FirstService Corporation
John B. Friedrichsen, Senior Vice President & CFO
(416)960-9500
FirstService Residential
Gene Gomberg, CEO
(954)926-2927
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