Century Fire Protection Acquires Chesapeake Sprinkler Company

Rhea-AI Summary

FirstService Corporation has announced the acquisition of Chesapeake Sprinkler Company by its subsidiary, Century Fire Protection, enhancing its presence in the Mid-Atlantic U.S. region. Chesapeake, founded in 1978, is a leading fire protection service provider in Baltimore and Washington, D.C., known for its installation, inspection, and maintenance services. CEO Scott Tutterow emphasized the strategic importance of this acquisition for growth and expanding their geographic footprint. The transaction terms remain undisclosed, but it reflects FirstService's commitment to value creation and market expansion.

Positive

• Acquisition enhances FirstService's Mid-Atlantic geographic footprint.
• Chesapeake has a strong reputation and established client relationships.
• The acquisition is expected to drive growth in combined operations.

Negative

• None.

Further Enhances Mid-Atlantic Geographic Footprint

TORONTO, Jan. 11, 2022 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that its subsidiary, Century Fire Protection (“Century”), has recently acquired Chesapeake Sprinkler Company, Inc. (“Chesapeake”). Terms of the transaction were not disclosed.

Founded in 1978 and headquartered in Odenton, Maryland, Chesapeake is a market-leading full-service fire protection company serving the Baltimore and Washington, D.C. metropolitan areas and surrounding regions. The company provides installation, inspection, maintenance and testing services for fire sprinkler and alarm systems to a wide variety of corporate and government clients. Tim Anderson, CEO, and other members of the leadership team will continue to run day-to-day operations.

“This transaction fulfills a key priority to expand our geographic footprint within the Mid-Atlantic U.S. region,” said Scott Tutterow, CEO of Century. “Chesapeake brings a strong service reputation, market-leading position and long-standing client relationships. We are excited to add their capabilities and expertise to drive further growth in our combined operations.”

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$3.1 billion in annual revenues and has approximately 24,000 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. More information is available at www.firstservice.com.

COMPANY CONTACT:

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566