TORONTO, Dec. 4, 2013 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) today announced that its residential property management business, FirstService Residential, has acquired Bristol Management Services, the largest provider of residential property management services in Jupiter, Florida and surrounding areas. Steve Inglis, who co-founded Bristol in 1990 with his wife Nadine, will continue to lead its day-to-day operations as President. The acquisition adds a total of 205 properties and 45,000 units to FirstService's market leading North American platform, which now totals 6,500 properties comprising over 1.5 million residential units throughout North America. Terms of the transaction were not disclosed.
"Our entire leadership team is excited about joining FirstService Residential and its industry leading residential property management platform," said Inglis. "We look forward to offering our clients a variety of unique, value-added programs that will enhance the value of the properties we manage and the lives of the residents in the communities we serve."
"Bristol has long been considered one of the most highly regarded property management firms in the North Palm Beach, Martin and St. Lucie Counties and has been recognized for its exceptional client service on numerous occasions by the Community Associations Institute. This acquisition, combined with our existing operations in Florida, expands our presence in this region and solidifies our position as the clear leader in this important market," said Chuck Fallon, CEO of FirstService Residential. "We look forward to working with Steve, Nadine and their entire team to enhance the value proposition for our clients, while advancing our position as North America's leader in residential property management."
ABOUT FIRSTSERVICE
FirstService Corporation is a global leader in the rapidly growing real estate services sector. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its industry-leading operating platforms in Commercial Real Estate Services, delivered through Colliers International, one of the top global players in commercial real estate; Residential Real Estate Services, delivered through FirstService Residential, the largest provider of residential property management services in North America, and Property Services, delivered through FirstService Brands, a leading provider of essential property services delivered through franchise systems and company-owned operations.
FirstService generates over US$2.3 billion in annual revenues and has more than 23,000 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: John B. Friedrichsen
Senior Vice President & CFO
FirstService Corporation
(416) 960-9500
Chuck Fallon
CEO
FirstService Residential
(954) 926-2921
