TORONTO and LONDON, Feb. 10, 2014 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) announced today that its subsidiary, Colliers International ("Colliers") has acquired Briant Champion Long ("BCL"), one of the United Kingdom's leading independent retail property specialists. BCL will be integrated into the operations of Colliers UK and be led by Managing Partner, Mark Phillipson. Building on the successful acquisition of the UK operations of Colliers International in 2012, this transaction not only strengthens Colliers' presence in London, one of the world's leading retail property markets, but also expands its reach into Europe and around the world. Terms of the transaction were not disclosed.
Founded in 1987, BCL employs more than 30 professionals and provides agency, investment and professional advice to a wide range of retail clients, landlords and investors. BCL is currently engaged in letting more than 4 million sq. ft. of retail space in the UK and over the past year, completed more than 800 transactions and acted on more than £425 million of investment transactions. The BCL operations generated approximately US$9.0 million in revenue during 2013.
"BCL complements our existing retail business and is consistent with our aggressive growth strategy for the UK," said Tony Horrell, CEO of Colliers UK and Ireland. "Combining our capabilities in this area establishes us as one of the top players in the retail agency, investment and advisory sectors in the UK, and leverages our global platform providing retail property specialty services across major markets in Europe and internationally."
"This is a fantastic opportunity for our professionals to expand our business nationally and internationally," said Mark Phillipson. "Colliers was the only company we considered given its enterprising culture, ambitious growth plans in the UK and market-leading position globally. All of our key people see this as an exciting opportunity to take our business to the next level while delivering memorable experiences for our clients. We look forward to continuing to accelerate our success as part of Colliers International."
"The addition of BCL and its strong group of professionals strengthens our capabilities in the UK and is another step forward in our strategy to grow and consolidate the commercial real estate industry in Europe and globally," said Chris McLernon, CEO of Colliers International, EMEA. "This transaction is another example of our disciplined approach – partnering with high quality professionals that are aligned with our culture, while deploying our capital prudently to grow our business internally and through acquisition".
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 2.5 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International, one of the top global players in commercial real estate; FirstService Residential, the largest manager of residential communities in North America; and Property Services, a leading North American provider of essential property services delivered through company-owned operations, franchise systems and contractor networks.
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
ABOUT COLLIERS INTERNATIONAL
Colliers International is the third-largest commercial real estate services company in the world, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
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 CONTACT:
John Friedrichsen
Senior Vice President & CFO
(416) 960-9500
COLLIERS CONTACTS:
Chris McLernon
CEO, Colliers International EMEA
44 20 7935 4499
Tony Horrell
CEO, Colliers International UK & Ireland
44 20 7487 1651
