TORONTO and NEW YORK, April 20, 2015 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) announced today that its subsidiary, Colliers International ("Colliers"), has acquired a controlling interest in Strategic Building Solutions ("SBS"), one of the leading project management firms in the Northeast U.S. Headquartered in Madison, Connecticut, SBS, which will rebrand to "Colliers International" immediately, expands Colliers' existing project management capabilities and adds best-in-class energy sustainability management, commissioning and retro-commissioning expertise. Each of the partners of SBS will retain the balance of the equity and will continue to lead operations. SBS generates annual revenues of approximately $15 million. Terms of the transaction were not disclosed.
Founded in 1996, SBS currently manages $1 billion worth of projects and 10 million gross square feet of LEED® registered space within their commissioning and energy services group. SBS employs more than 70 project management and other multi-disciplined professionals in five offices. The integration of SBS will build on the strength of Colliers' global project management capabilities, adding depth across multiple industry sectors including financial services, industrial and logistics, healthcare, education and hospitality. SBS is also a leader in sustainability and has provided commissioning services for three of the nation's first 10 LEED® registered projects. The SBS team joins the 990 project management professionals, 40 percent of whom are LEED® accredited, that Colliers has globally.
"The acquisition of SBS furthers Colliers' goal of providing clients with an unmatched level of committed service and expertise," said Craig Robinson, President | USA, Colliers International. "With nearly 20 years of experience executing such services as facilities planning, energy management and construction program management, this acquisition ensures our clients are continually delivered a robust set of tools to optimize their businesses."
"We are continuously evolving to stay at the forefront of the dynamic facilities environment in order to meet the ever-changing needs of our clients," said Jon Winikur, principal of SBS. "The integration with Colliers allows us to expand the services, markets and expertise we offer our clients and grow our business, retaining equity in the future of our company in partnership with such a well-respected organization as Colliers International, which is particularly exciting."
ABOUT FIRSTSERVICE
FirstService is a global leader in the rapidly growing real estate services sector, one of the largest markets 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 largest global players in commercial real estate services; FirstService Residential – North America's largest manager of residential communities; and FirstService Brands – one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.
FirstService generates more than US$2.7 billion in annual revenues and has more than 24,000 employees world-wide. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders since becoming a publically listed company in 1993. The subordinate voting shares of FirstService trade on the NASDAQ under the symbol "FSRV" and on the TSX under the symbol "FSV". More information is available at www.firstservice.com.
CONTACT: FIRSTSERVICE CONTACT:
John Friedrichsen
Senior Vice President & CFO
(416) 960-9500
COLLIERS CONTACT:
Craig Robinson, President, Colliers International | USA
(212) 716-3540
