TORONTO, June 08, 2016 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”) announced today that it has expanded its market-leading residential property management operations into the Boston area with the acquisition of The Niles Company (“Niles”). Founded in 1907, Niles is one of Boston’s longest-standing and most respected property management firms. Jerry Ragosa, who joined the company in 1984, will continue to lead its day-to-day operations as President. The transaction will add over 80 properties to FirstService Residential’s existing property management portfolio, which totals approximately 7,500 properties comprised of over 1.6 million residential units throughout North America. Terms of the transaction were not disclosed.
“Boston is in the midst of a real estate transformation which has led to unprecedented development throughout the city and surrounding suburbs, making it one of the fastest-growing residential markets in the country,” said Jerry Ragosa. “FirstService’s proven track record of providing best-in-class service to clients, industry-leading technology, resources and proprietary programs will enable us to bring value to our clients while better positioning us to capitalize on the significant opportunity ahead in this market.”
“Niles provides us with an excellent platform for growth in the important Boston market which is one of the leading cultural, educational and technology centers in the country and one of the ten largest metropolitan areas in the United States,” said FirstService Residential CEO Chuck Fallon. “We are delighted to be adding such a highly respected organization into the FirstService family and look forward to working closely with Jerry and his team to further enhance the value proposition for their clients,” he concluded.
ABOUT FIRSTSERVICE CORPORATION
FirstService Corporation is a North American leader in the essential outsourced 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 $1.3 billion in annual revenues and has approximately 16,000 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 www.FirstService.com
COMPANY CONTACTS: Jeremy Rakusin CFO FirstService Corporation (416) 960-9500 Chuck Fallon CEO FirstService Residential (954) 926-2921
Source: FirstService Corporation