TORONTO, Sept. 8, 2015 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) ("FirstService") announced today that it has expanded its market-leading residential property management business in Florida with the acquisition of Custom Property Management, one of the premier providers of residential property management services in West Palm Beach and surrounding areas. Dave Brown, who founded Custom in 1982, will continue to lead its day-to-day operations as President. The transaction will add over 16,000 units to FirstService Residential's existing property management portfolio, which totals approximately 7,200 properties comprised of over 1.6 million residential units throughout North America. Terms of the transaction were not disclosed.
"This acquisition complements our existing market-leading operations in Palm Beach, Martin and Broward counties," said Chuck Fallon, CEO of FirstService Residential. "Dave and his team share our passion for service excellence and for delivering outstanding value to clients making Custom a great fit within the FirstService Residential family."
"We are thrilled to be joining FirstService and its industry-leading residential property management group," said Dave Brown. "FirstService's proven track record of success, leading-edge operating systems and proprietary programs will enable us to differentiate our service offering from those of competitors, adding tangible value to our clients while creating rewarding new opportunities for our staff," he concluded.
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".
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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
Chuck Fallon
CEO
FirstService Residential
(954) 926-2921
