FirstService Residential Further Enhances Market Leadership Position in Florida
27 Februar 2024 - 1:30PM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that FirstService Residential, the North American
property management leader, has recently acquired a controlling
interest in Rizzetta & Company (“Rizzetta” or the “Company”).
William “Bill” Rizzetta, Founder and President, will retain a
significant equity stake in the Company and will continue to lead
its operations. Terms of the transaction were not disclosed.
Based in Tampa, Florida and founded in 1986,
Rizzetta is a leading full-service provider of consulting and
property management services to homeowner associations and
community development districts (“CDDs”) through eight offices
across Florida. A CDD is a special-purpose local government
district created under Florida state legislation to efficiently
manage the local urban infrastructure and specific development
services of a new community. The CDD structure provides the ability
to finance these developments via tax-free municipal bonds for the
benefit of community residents. Rizzetta brings a particular
expertise in district management services, which include assisting
with community planning, bond issuance, administration, accounting,
compliance and day-to-day operations.
“This is a key transaction which broadens our
service offering and capabilities as the residential property
management market leader in Florida,” said David Diestel, Chief
Executive Officer of FirstService Residential. “CDDs require
tailored expertise given their quasi-government nature and Rizzetta
possesses these specific capabilities. We welcome Bill and his team
and look forward to adding their strong experience and reputation
in working with municipalities, developers and boards to deliver
value to our clients and drive further growth in the Florida
market,” 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 company-owned
operations and franchise systems.
FirstService generates more than $4.3 billion in
annual revenues and has approximately 29,000 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.
For the latest news from FirstService
Corporation, visit www.FirstService.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information and
forward-looking statements within the meaning of applicable
Canadian and U.S. securities laws. Much of this information can be
identified by words such as “expect to,” “expected,” “will,”
“estimated” or similar expressions suggesting future outcomes or
events. FirstService believes the expectations reflected in such
forward-looking information and statements are reasonable but no
assurance can be given that these expectations will prove to be
correct and such forward-looking information and statements should
not be unduly relied upon. Forward-looking information and
statements are based on current information and expectations that
involve a number of risks and uncertainties, which could cause
actual results or events to differ materially from those
anticipated. These risks include, but are not limited to, the risks
related to FirstService’s business, including those identified in
FirstService’s annual information form for the year ended December
31, 2023 under the heading “Risk factors” (a copy of which may be
obtained at www.sedarplus.ca or as part of FirstService’s Form 40-F
at www.sec.gov). Forward-looking information and statements
contained in this news release are made as of the date hereof and
are subject to change. All forward-looking information and
statements in this news release are qualified by these cautionary
statements. Except as required by applicable law, FirstService
undertakes no obligation to update any forward-looking information
and statement, whether as a result of new information, future
events or otherwise.
COMPANY CONTACT:
Jeremy
RakusinCFOFirstService
Corporation(416) 960-9566
FirstService (TSX:FSV)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
FirstService (TSX:FSV)
Historical Stock Chart
Von Dez 2023 bis Dez 2024