TORONTO, April 19, 2018 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”) today announced that it has expanded its FirstService Brands company-owned operations with four recent acquisitions within its California Closets and Paul Davis Restoration (“PDR”) service platforms. Terms of the transactions were not disclosed.
California Closets acquired its Las Vegas franchise earlier this year, adding a well-run operation with a strong team which is well-positioned to further capitalize on the fast-growing Las Vegas market. With this acquisition, California Closets now has 16 company-owned operations out of 80 overall locations.
FirstService Brands has also expanded its restoration services operations across the Eastern and Midwest regions of North America through three recent acquisitions. Two of these tuck-under transactions are PDR franchises, including the key Washington, D.C. territory and the leading operation in western Canada which provides a foundation for the launch of PDR’s Canadian company-owned strategy. With the addition of these two acquisitions, there are currently a total of seven PDR company-owned operations. The third non-PDR acquisition bolsters the Paul Davis operating platform by adding further expertise and service capabilities and addressing certain gaps in its geographic footprint. The three transactions will deliver aggregate annual revenues of approximately $35 million.
“These transactions collectively advance our company-owned growth strategies within our Brands division,” said Charlie Chase, CEO of FirstService Brands. “Each acquisition further broadens our presence in key growing markets and enhances our capabilities to better serve our clients,” 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 $1.7 billion in annual revenues and has more than 19,000 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 CONTACTS:
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500
Charlie Chase
CEO
FirstService Brands
(866) 366-0420