FirstService Residential Expands Internationally
September 09 2010 - 8:00AM
FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) (TSX:FSV.PR.U)
today announced it has increased the size and breadth of its market
leading residential property management operations with the
addition of Condominium First Management Services, Alberta's
largest provider of residential property management services. The
acquisition is FirstService Residential's first expansion outside
of the United States. With offices in Calgary, Fort McMurray and
Canmore, Alberta, Condominium First generated more than $7 million
in revenues for the fiscal year ended July 31, 2010. Terms of the
transaction were not disclosed.
"All of us at Condominium First are delighted to be joining
FirstService Residential and its market leading property management
platform," said Don Davies, CEO of Condominium First Management.
"FirstService's proven track record of providing high quality
service to clients, cutting-edge operating systems and proprietary
programs will enable us to provide greater value to our clients and
accelerate our growth in the years to come. We could not have found
a better partner to help take our business to the next level."
"Expanding into the Canadian market has been a strategic
priority for us." said Gene Gomberg, CEO of FirstService
Residential. "The addition of Condominium First, with its
exceptional management team and leading market position in one of
Canada's fastest growing markets, fits perfectly into our North
American growth plan. It is also the first step in our strategy for
expanding our operations outside of the United States. We look
forward to working with Don Davies and his exceptional management
team to enhance their service offerings and create incremental
value for their clients while creating significant new career
opportunities for their key people. "
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 U.S. $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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