TORONTO, Jan. 14, 2016 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”) announced today that its California Closets business has further expanded its company-owned operations with the acquisition of its Los Angeles franchise. California Closets is a unit of FirstService subsidiary, FirstService Brands, and is the leading North American provider of closet and home storage solutions with 80 franchised and corporate-owned locations. Terms of the transaction were not disclosed.
“This transaction advances our strategy of acquiring California Closets franchises in certain key markets and integrating them with our existing company-owned platform,” said Charlie Chase, President & CEO of FirstService Brands. “We now have a dozen corporate-owned locations which are being configured with our centralized manufacturing facility in Phoenix to drive greater efficiencies and profitability.”
“We are excited with the prospects of owning a key market like Los Angeles,” said Bill Barton, President & CEO of California Closets. “We gain a foothold in a marquee, fast-growing territory which has significant potential for further market share penetration through our industry-leading brand,” 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 $1.2 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.
COMPANY CONTACT:
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
