TORONTO, Jan. 10, 2017 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”)
today announced that its Paul Davis Restoration (“PDR”) business has further expanded its company-owned operations through the
acquisition of Paul Davis National (“PDN”), a specialized commercial and large loss operation within PDR. The acquisition
represents the fourth addition to PDR’s rapidly growing company-owned platform. The terms of the transaction were not disclosed.
Previously owned in partnership by several PDR franchisees, PDN was established in 2005 to service emergency
large-scale disasters which typically require specialized equipment and a highly coordinated effort among PDR’s 370 operations
across North America. Daniel Druml and Chip Bifano will remain in their roles as CEO and President, respectively, and continue to
lead day-to-day operations.
“Joining Paul Davis Restoration’s company-owned platform was a natural strategic fit for us given the geographic
breadth and resource-intensive nature of our business,” said Daniel Druml, CEO of Paul Davis National. “The transaction will enable
us to better leverage FirstService’s collective scale, resources and relationships to provide our clients and franchisees across
the continent with an enhanced level of service and a broader range of value-added programs and capabilities delivered seamlessly
through one platform.”
“Our goal is to provide our corporate and national insurance company clients with consistent and streamlined
disaster recovery and restoration services from our company-owned operations,” said Rich Wilson, CEO of Paul Davis Restoration.
“The addition of Paul Davis National, with its nationwide footprint of strategically deployed specialty equipment and vehicles
together with its experienced team of professionals, significantly enhances our service capacity and response times in addressing
large catastrophes. We look forward to working closely with Dan and Chip and their entire management team as we expand
relationships with our clients across North America,” he concluded.
ABOUT PAUL DAVIS RESTORATION
Paul Davis Restoration is a provider of residential and commercial restoration services primarily serving the insurance industry in
the U.S. and Canada through 370 franchises and four company-owned operations. Paul Davis provides full-service water, fire and mold
cleanup, construction rebuild and restoration services for property damaged by natural or man-made disasters. Paul Davis
Restoration is one of several property service businesses owned within the FirstService Brands division of FirstService
Corporation.
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 $1.4 billion in annual revenues and has more than 17,000 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
