FirstService Announces Property Restoration Additions

Rhea-AI Summary

FirstService Corporation (FSV) has completed three tuck-under acquisitions in its property restoration sector, enhancing its geographic reach and service capabilities. The acquisitions include two commercial restoration firms for the First Onsite Restoration platform and a franchise of Paul Davis Restoration. These moves strengthen FirstService's presence in key markets across North America, particularly in the Southeast U.S. and Southern Ontario. CEO Scott Patterson highlighted the strategic importance of these additions for future growth.

Positive

• Expansion of First Onsite Restoration and Paul Davis brands through three acquisitions.
• Strengthening geographic footprint in North America, particularly in the Southeast U.S. and Southern Ontario.
• Increased service capabilities and new client relationships from acquired firms.

Negative

• None.

Three Tuck-Under Acquisitions Expand Geographic Footprint and Capabilities

TORONTO, Oct. 24, 2022 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that it has recently completed three acquisitions within its property restoration service lines, including the addition of two regional commercial restoration firms to its First Onsite Restoration platform, and the expansion of its Paul Davis Restoration company-owned operations with the acquisition of one of its larger existing franchises. These transactions fill in regional gaps within our North American geographic footprint and further add to our property restoration service capabilities. The leaders of these businesses will continue to manage their respective day-to-day operations. Terms of the transactions were not disclosed.

Watermark, founded in 2002 and headquartered in Birmingham, Alabama, provides commercial property water and fire restoration as well as capital improvement and renovation services across the Southeast U.S., including Alabama, Texas, Florida, Georgia and North Carolina. Watermark further bolsters First Onsite’s Southeast footprint and deepens its expertise and relationships with multi-family property management and other commercial clients.

Headquartered near Toronto, Canada, Confra Global Solutions is a regional provider of commercial renovation and reconstruction services throughout Southern Ontario. The acquisition of certain assets of Confra provides First Onsite’s Canadian operations with additional capabilities and expertise in rendering a full-service restoration offering to its commercial clients within the large Greater Toronto metropolitan area and the surrounding regions.

Founded in 2001, Paul Davis Lincoln is one of the largest providers of restoration services in the Midwest U.S., including emergency mitigation, contents and reconstruction restoration services for residential, commercial and institutional property owners and property managers. The Paul Davis Lincoln franchised operation serves central and northern Nebraska, southern Missouri and central Illinois and is one of 325 total franchised and company-owned locations across North America operating under the Paul Davis brand. This transaction is a continuation of our strategy of selectively acquiring larger Paul Davis franchises to expand our company-owned operations.

“These three tuck-under acquisitions are important additions to our First Onsite and Paul Davis restoration brands, enhancing our geographic footprint and scale, increasing our service capabilities and adding new regional and local client relationships,” said Scott Patterson, Chief Executive Officer of FirstService. “We welcome the new leaders and their teams to the FirstService family of owned operations and look forward to their contributions in collectively driving future growth.”

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$3.4 billion in annual revenues and has approximately 25,000 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
Chief Financial Officer
FirstService Corporation
(416) 960-9566

FAQ

What acquisitions did FirstService Corporation announce on October 24, 2022?

FirstService Corporation announced three tuck-under acquisitions in its property restoration service lines, expanding its First Onsite Restoration platform and Paul Davis brand.

How do the acquisitions impact FirstService's geographic footprint?

The acquisitions fill regional gaps, enhancing FirstService's geographic footprint particularly in the Southeast U.S. and Southern Ontario.

What is FirstService Corporation's stock symbol?

FirstService Corporation trades under the stock symbol 'FSV' on NASDAQ and the Toronto Stock Exchange.

What types of services are offered by the newly acquired companies?

The acquired companies offer commercial property water and fire restoration, renovation services, and emergency mitigation among other property restoration services.

Who is the CEO of FirstService Corporation?

The CEO of FirstService Corporation is Scott Patterson.