FirstService Announces Property Restoration Additions
24 October 2022 - 10:30PM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that it has recently completed three acquisitions
within its property restoration service lines, including the
addition of two regional commercial restoration firms to its First
Onsite Restoration platform, and the expansion of its Paul Davis
Restoration company-owned operations with the acquisition of one of
its larger existing franchises. These transactions fill in regional
gaps within our North American geographic footprint and further add
to our property restoration service capabilities. The leaders of
these businesses will continue to manage their respective
day-to-day operations. Terms of the transactions were not
disclosed.
Watermark, founded in 2002 and headquartered in
Birmingham, Alabama, provides commercial property water and fire
restoration as well as capital improvement and renovation services
across the Southeast U.S., including Alabama, Texas, Florida,
Georgia and North Carolina. Watermark further bolsters First
Onsite’s Southeast footprint and deepens its expertise and
relationships with multi-family property management and other
commercial clients.
Headquartered near Toronto, Canada, Confra
Global Solutions is a regional provider of commercial renovation
and reconstruction services throughout Southern Ontario. The
acquisition of certain assets of Confra provides First Onsite’s
Canadian operations with additional capabilities and expertise in
rendering a full-service restoration offering to its commercial
clients within the large Greater Toronto metropolitan area and the
surrounding regions.
Founded in 2001, Paul Davis Lincoln is one of
the largest providers of restoration services in the Midwest U.S.,
including emergency mitigation, contents and reconstruction
restoration services for residential, commercial and institutional
property owners and property managers. The Paul Davis Lincoln
franchised operation serves central and northern Nebraska, southern
Missouri and central Illinois and is one of 325 total franchised
and company-owned locations across North America operating under
the Paul Davis brand. This transaction is a continuation of our
strategy of selectively acquiring larger Paul Davis franchises to
expand our company-owned operations.
“These three tuck-under acquisitions are
important additions to our First Onsite and Paul Davis restoration
brands, enhancing our geographic footprint and scale, increasing
our service capabilities and adding new regional and local client
relationships,” said Scott Patterson, Chief Executive Officer of
FirstService. “We welcome the new leaders and their teams to the
FirstService family of owned operations and look forward to their
contributions in collectively driving future growth.”
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$3.4 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.
COMPANY CONTACT:
Jeremy RakusinChief Financial
OfficerFirstService
Corporation(416) 960-9566
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