TORONTO, July 12, 2016 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”) today announced that it has further expanded its FirstService Brands company-owned operations through the acquisitions of Paul Davis Restoration North Florida and California Closets Washington DC. Terms of the transactions were not disclosed.
The acquisition by Paul Davis Restoration (“PDR”) of its North Florida franchise is the continuation of PDR’s strategy to build a national platform of company-owned operations. Marguerite and Michael Mumford will remain as partners in the business and continue to run the day-to-day operations.
“We are thrilled to be joining Paul Davis Restoration’s company-owned operations,” said Marguerite Mumford, President. “The insurance restoration industry is undergoing significant change and our partnership with FirstService, with its relentless focus on client service, industry-leading technology, resources and proprietary programs will better position us to service the rapidly evolving needs of our valued insurance clients.”
The acquisition of California Closets Washington DC marks the thirteenth addition to California Closets company-owned locations and establishes a major platform for growth in the large DC metropolitan area.
“Both of these acquisitions build on our strategy of acquiring leading franchise operations in key markets,” said Charlie Chase, CEO of FirstService Brands. “As market leaders in their respective industries, Paul Davis Restoration and California Closets have the unique opportunity to leverage their strength and scale to provide a consistent, enhanced level of service to 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 $1.3 billion in annual revenues and has more than 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 FirstService.com.
COMPANY CONTACTS: Jeremy Rakusin CFO FirstService Corporation (416) 960-9500 Charlie Chase CEO FirstService Brands (610) 975-6045
Source: FirstService Corporation