TORONTO, Aug. 31, 2017 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) and (NASDAQ:FSV) (“FirstService”) announced today that it has further expanded its California Closets company-owned operations with the acquisition of its Atlanta franchise. Following this transaction, California Closets now has 15 company-owned operations among its 80 total franchised territories. Terms of the transaction were not disclosed.
“The addition of Atlanta represents another important step in executing our strategy of acquiring California Closets franchises in certain key markets,” said Charlie Chase, President & CEO of FirstService Brands. “This operation enhances our company-owned footprint in the eastern U.S. and will provide us with additional future volume and capacity utilization when we shift production to our recently opened eastern manufacturing center in Grand Rapids, Michigan.”
“We are delighted to add the attractive Atlanta territory, which encompasses a Top 10 metro area within the U.S., to our company-owned platform,” said Bill Barton, President & CEO of California Closets. “We see significant potential to capitalize on our industry-leading brand and accelerate growth in this market,” 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$1.5 billion in annual revenues and has more than 17,000 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".
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COMPANY CONTACTS: Jeremy Rakusin CFO FirstService Corporation (416) 960-9500
Source: FirstService Corporation