FirstService Acquires Association Management, Inc.
December 09 2010 - 7:30AM
FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) (TSX:FSV.PR.U)
today announced that it continued to increase the size and breadth
of its residential property management business -- this time
through the acquisition of an 80% interest in Association
Management, Inc., (AMI) Houston's largest and most prestigious
residential property management company. David & Glenda
Regenbaum, Founders & Officers of AMI, will retain the balance
of the equity and will continue to manage day-to-day operations.
During the last 12 months, AMI generated more than $13 million in
revenues. Terms of the transaction were not disclosed.
"Establishing a leading market position in Houston was a
strategic priority for us and complements our market leadership in
Dallas making us the leading residential property management
operation in Texas," said Gene Gomberg, CEO of FirstService
Residential. "AMI is the uncontested leader in Houston and we have
long considered their excellent management team the gold standard
in the market. We look forward to working with all of the
professionals of AMI to enhance the value proposition to their
clients, while also advancing our position as North America's
leader in residential property management."
"I am very excited to be joining FirstService and its highly
successful residential property management group. Our team was
attracted by their proven track record and successful partnership
philosophy," said David Regenbaum, Founder and Chief Executive
Officer of AMI. "FirstService has a long history of attracting top
industry leaders who retain significant interests in the companies
they operate, while also participating in a performance-based
culture focused on differentiating their services from those of
their competitors. We are just thrilled to finally partner with
such an exceptional group of professionals," he concluded.
Founded in 1979, AMI manages more than 240 low, mid, high-rise
residential and commercial associations representing over 70,000
homes in the greater Houston market. With the addition of AMI,
FirstService Residential extends its position as the largest
residential property management firm in North America with more
than 4,100 properties, representing over 1.1 million residences.
Additional information on AMI can be found on their website at
www.amitx.com.
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 about US $2 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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