First Onsite Property Restoration Further Broadens Geographic Footprint

Rhea-AI Summary

FirstService Corporation (TSX and NASDAQ: FSV) has announced the acquisition of Complete DKI and Moore Restoration, enhancing its subsidiary First Onsite Property Restoration. Complete, based in Florida, specializes in disaster restoration, while Moore is recognized for its commercial restoration services in Indiana. These acquisitions aim to improve operational excellence and geographic coverage, allowing for a quicker response to client needs. The financial details of these transactions remain undisclosed, but the move reinforces First Onsite’s strategic growth in key regions.

Positive

• Acquisition of Complete DKI enhances First Onsite's presence in Florida, a key region prone to catastrophic events.
• Moore Restoration adds expertise in infectious control and disinfection, particularly for healthcare clients.
• Strategic expansion improves operational response capabilities across the U.S.

Negative

• None.

Acquires Complete DKI and Moore Restoration

TORONTO, Aug. 19, 2021 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that its subsidiary, First Onsite Property Restoration (“First Onsite”), has recently acquired Complete DKI (“Complete”) and Moore Restoration, Inc. (“Moore”). Terms of the two transactions were not disclosed.

Headquartered in Pensacola, Florida, Complete is a leading provider of disaster restoration services in the Florida Panhandle region. Complete’s three offices provide emergency and catastrophe response, construction services, environmental services, and fire, smoke and water damage repair to a broad range of commercial and insurance clients. Complete’s depth of experience in the Florida Panhandle and along the Gulf Coast reinforces First Onsite’s presence across the State of Florida, which is a high-priority region exposed to area-wide catastrophic events.

Moore, founded in 1997 and based in Indianapolis, is a market-leading commercial restoration services firm in the central Indiana region. Moore has developed a particularly strong reputation and expertise as a leading provider of infectious control and disinfection services to hospitals and a wide range of other healthcare clients across the Midwest U.S.

“These acquisitions will further drive operational excellence across our organization by enhancing our geographic coverage and ability to respond to the needs of our clients on a timely basis,” said Stacy Mazur, First Onsite CEO, U.S. “We welcome the Complete and Moore teams to our existing operations within Florida and the Midwest U.S. and look forward to working together to better serve our national and regional commercial and insurance accounts in these key regions,” 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 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 companies did FirstService Corporation acquire?

FirstService Corporation acquired Complete DKI and Moore Restoration.

What is the significance of the Complete DKI acquisition for FirstService?

The acquisition enhances First Onsite's presence in Florida, a region prone to disasters.

How does Moore Restoration improve FirstService's service offerings?

Moore Restoration provides expertise in infectious control and disinfection for healthcare clients.

What is FirstService Corporation's stock symbol?

FirstService Corporation trades under the symbol FSV on both NASDAQ and TSX.

When was the acquisition by FirstService Corporation announced?

The acquisition was announced on August 19, 2021.