First Onsite Expands to New York City

Rhea-AI Summary

FirstService Corporation has announced the acquisition of Maxons Restorations, a leading provider of emergency response and restoration services in New York City. This strategic move aims to expand First Onsite Property Restoration's presence in the Tri-State area, enhancing service offerings for commercial accounts. Maxons' CEO and executives retain a minority interest and will manage daily operations. FirstService generates over $2.8 billion in annual revenue and employs about 24,000 staff across North America, trading under the symbol FSV.

Positive

• Acquisition of Maxons Restorations will enhance FirstService's service offerings in the Tri-State region.
• Strengthens First Onsite's position in the largest U.S. metropolitan market.
• Maxons has a strong client base including high-rise buildings and high-end properties.

Negative

• None.

Acquires Maxons Restoration

TORONTO, May 26, 2021 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that its subsidiary, First Onsite Property Restoration (“First Onsite”), has recently acquired Maxons Restorations, Inc. (“Maxons”). Damon Gersh, CEO of Maxons, and other senior executives have retained a minority interest and will continue to run day-to-day operations. Terms of the transaction were not disclosed.

Headquartered in Manhattan, Maxons is a leading provider of commercial emergency response and restoration services within New York City and the greater New York region. Maxons’ clients include marquee commercial and residential high-rise buildings across Manhattan and high-end residential properties throughout the surrounding boroughs.

“Maxons establishes an important foothold for us in the largest U.S. metropolitan market, with an opportunity to broaden our client service offerings within the Tri-State region of New York, New Jersey and Connecticut,” said Stacy Mazur, First Onsite CEO, U.S. “This transaction is another key step in our strategy to expand our geographic footprint to better serve our national commercial accounts. We are delighted to welcome Damon and his experienced team to our organization as we collectively work to enhance our service capabilities and grow our business in the Northeast U.S.,” 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 $2.8 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 company did FirstService acquire on May 26, 2021?

On May 26, 2021, FirstService acquired Maxons Restorations.

What is the significance of the Maxons acquisition for FirstService Corp (FSV)?

The acquisition enhances FirstService's service capabilities in the Tri-State region and strengthens its market position.

Who will manage Maxons Restorations after the acquisition?

Maxons' CEO Damon Gersh and other senior executives will continue to run day-to-day operations after retaining a minority interest.

What is FirstService Corporation's annual revenue?

FirstService Corporation generates over $2.8 billion in annual revenues.