Broadens Restoration Geographic Footprint; Adds California Closets Portland
TORONTO, Dec. 20, 2022 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) today announced that its FirstService Brands division has recently completed three acquisitions. Terms of the transactions were not disclosed.
First Onsite Restoration acquired New Orleans, Louisiana-based Emergency Restoration, Inc. Founded in 2003, the company is a provider of emergency water mitigation and property restoration services throughout the New Orleans metropolitan area. Emergency Restoration has a strong, broad base of commercial clients that include long-standing relationships with local school boards, property managers, hotels, insurance brokers and adjusters. This acquisition enhances our presence and client coverage in a key geographic region susceptible to weather-driven property damage.
Paul Davis Restoration added to its company-owned platform with the acquisition of its franchised operation serving the Salt Lake City, Utah and Las Vegas, Nevada metropolitan areas. Established in 2014, this business is one of the largest franchises in the Paul Davis network and the largest restoration service provider in Salt Lake City. The company performs mitigation, contents, reconstruction and mold remediation services for residential, commercial, and institutional property owners and property managers. This acquisition furthers our strategy of selectively acquiring franchises within our aggregate network of 330 locations across North America.
California Closets also further expanded its company-owned operations with the acquisition of its franchised territory within Portland, Oregon and surrounding areas, adding a market with significant future growth potential. With this addition, California Closets now has 21 company-owned operations out of 80 overall locations.
“These three transactions are a continuation of our strategy to augment our capabilities and geographic coverage across existing operations through selective tuck-under acquisitions,” said Scott Patterson, Chief Executive Officer of FirstService. “We look forward to jointly working with the operating leaders and their teams to drive incremental growth opportunities in their respective markets,” 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 US$3.5 billion in annual revenues and has approximately 25,000 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 Common Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV", and are included in the S&P/TSX 60 Index. More information is available at www.firstservice.com.
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COMPANY CONTACTS:
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566
