First Onsite Restoration Enhances Geographic Footprint in Growing Southeast U.S. Region
10 April 2024 - 1:30PM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that its subsidiary, First Onsite Property
Restoration (“First Onsite”), has recently acquired All Restoration
Solutions, LLC (“ARS” or the “Company”). The executive leaders of
ARS will continue to hold a minority equity stake and oversee
day-to-day operations. Terms of the transaction were not disclosed.
Established in 2006 and based in Atlanta,
Georgia, ARS is a leading provider of commercial property
restoration and capital improvement services across four branches
in Georgia and South Carolina. The Company serves a diverse
portfolio of institutional clients, with particularly strong
relationships in the multi-family property management, education
and healthcare industries. With the addition of ARS, First Onsite
has established a strong market leadership position in the large
and growing Atlanta metropolitan area.
“This acquisition is highly complementary to our
existing presence in the Southeast U.S.,” said Jeff Johnson, Chief
Executive Officer of First Onsite. “ARS brings a strong leadership
team and reputation for service excellence, while adding a
blue-chip client base in attractive market sectors. We welcome the
ARS team and look forward to collectively driving growth in this
high-priority region,” 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
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