First Onsite Expands Presence Within Key Tri-State Region

Rhea-AI Summary

FirstService Corporation announced the acquisition of Insurance Restoration Specialists (IRS), enhancing its restoration services in the New York City metropolitan area. Founded in 1985, IRS is a leading commercial restoration provider in New Jersey and surrounding regions, specializing in environmental remediation and facility infection control. This acquisition follows FirstService's purchase of Maxons Restorations and aims to strengthen its operational capabilities and customer base in the Tri-State region. FirstService generates over $3.0 billion in annual revenues.

Positive

• Acquisition of IRS enhances First Onsite's service capabilities in the New York City market.
• IRS is a leading restoration service provider, which could drive revenue growth.
• The deal follows on from a previous successful acquisition, indicating strategic growth.

Negative

• None.

Adds New Jersey-Based Insurance Restoration Specialists

TORONTO, Sept. 14, 2021 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that its subsidiary, First Onsite Property Restoration (“First Onsite”), has recently acquired Insurance Restoration Specialists (“IRS”). Terms of the transaction were not disclosed.

Founded in 1985 and headquartered near Newark, New Jersey, IRS is one of the largest independently owned commercial restoration service providers throughout New Jersey, while also serving its clients within the New York City and Philadelphia metropolitan areas. IRS provides emergency mitigation and reconstruction services to a broad range of institutional customers in the insurance, education, healthcare and government sectors, with particular expertise in environmental remediation, facility infection control, and HVAC cleaning and inspection.

“This transaction follows on the heels of our prior acquisition of Manhattan-based Maxons Restorations. The addition of IRS provides us with greater capabilities to serve the marquee New York City market and the broader Tri-State region of New York, New Jersey and Connecticut,” said Stacy Mazur, First Onsite CEO, U.S. “The strong, collaborative leadership at IRS, combined with their deep customer relationships and environmental experience in key practice areas, provides a seamless fit with our operations. We look forward to having them join the First Onsite team,” 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 franchise systems and company-owned operations.

FirstService generates more than $3.0 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". 

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, 2020 under the heading “Risk factors” (a copy of which may be obtained at www.sedar.com 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 Rakusin
CFO
FirstService Corporation
(416) 960-9566

FAQ

What is the recent acquisition made by FirstService Corporation (FSV)?

FirstService Corporation (FSV) has acquired Insurance Restoration Specialists, enhancing its restoration services in the New York City area.

Why is the acquisition of Insurance Restoration Specialists significant for FSV?

The acquisition of IRS is significant as it strengthens First Onsite's capabilities and expands its presence in the lucrative Tri-State region.

When was the acquisition of IRS announced by FirstService Corporation?

The acquisition was announced on September 14, 2021.

How does the acquisition of IRS impact FirstService's market position?

The acquisition improves FirstService's market position by enhancing its service offerings and customer relationships in key metropolitan areas.