TORONTO, July 13, 2015 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) ("FirstService") today announced that its Paul Davis Restoration business has established its first company-owned operations with the acquisition of Paul Davis Restoration – Central Pennsylvania, one of the largest and most successful residential and commercial insurance restoration companies in the Northeast. Stephen Rotay, Founder and CEO, will remain a partner in the business and continue to lead the day-to-day operations. Paul Davis Restoration is a unit of FirstService subsidiary, FirstService Brands. The terms of the transaction were not disclosed.
"This acquisition marks the launch of our strategy to selectively acquire market-leading Paul Davis Restoration operations and establish a national footprint of corporate locations," said Scott Patterson, CEO of FirstService Corporation. "As one of the largest residential and commercial insurance restoration companies in North America, we have the unique opportunity to leverage our collective strength in order to provide consistent and streamlined services to our national insurance and corporate clients."
"Our entire team is thrilled to be joining FirstService and honored to be the first Paul Davis Restoration, company-owned operation," said Stephen Rotay. "We have enjoyed a long and successful relationship as a leading Paul Davis franchisee and look forward to working more closely with the company in the future to enhance the value proposition for our insurance and commercial clients across the country." he concluded.
"The Paul Davis – Central Pennsylvania franchise has long been regarded as one of the best-run operations in our entire network of over 370 Paul Davis franchises across North America," said Charlie Chase, CEO of FirstService Brands. "We are excited to be working with Steve and his talented management team as we continue to grow our market leading position in the Mid-Atlantic region."
ABOUT FIRSTSERVICE CORPORATION
FirstService Corporation is a North American leader in the property services sector, serving its customers through two industry-leading service platforms: 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 $1.1 billion in annual revenues and has more than 15,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The Subordinate Voting Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV".
For the latest news from FirstService Corporation, visit 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: Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
Charlie Chase
CEO
FirstService Brands
(610) 975-6045
