FirstService Brands Completes Three Tuck-Under Acquisitions

Rhea-AI Summary

FirstService Corporation (FSV) has expanded its operations through three key acquisitions. First Onsite Restoration acquired Emergency Restoration in New Orleans, enhancing its emergency water mitigation services in a weather-prone region. Paul Davis Restoration has integrated a significant franchise operation in Salt Lake City and Las Vegas, promoting its growth strategy. Additionally, California Closets has gained a franchised territory in Portland, Oregon, indicating potential for market growth. These moves align with FirstService's objective of augmenting capabilities and geographic reach.

Positive

• Acquisition of Emergency Restoration enhances First Onsite Restoration's service coverage in New Orleans.
• Integration of a major franchise in Salt Lake City and Las Vegas strengthens Paul Davis Restoration's market position.
• California Closets' acquisition in Portland adds significant growth potential and increases company-owned locations.

Negative

• None.

Broadens Restoration Geographic Footprint; Adds California Closets Portland

TORONTO, Dec. 20, 2022 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) today announced that its FirstService Brands division has recently completed three acquisitions. Terms of the transactions were not disclosed.

First Onsite Restoration acquired New Orleans, Louisiana-based Emergency Restoration, Inc. Founded in 2003, the company is a provider of emergency water mitigation and property restoration services throughout the New Orleans metropolitan area. Emergency Restoration has a strong, broad base of commercial clients that include long-standing relationships with local school boards, property managers, hotels, insurance brokers and adjusters. This acquisition enhances our presence and client coverage in a key geographic region susceptible to weather-driven property damage.

Paul Davis Restoration added to its company-owned platform with the acquisition of its franchised operation serving the Salt Lake City, Utah and Las Vegas, Nevada metropolitan areas. Established in 2014, this business is one of the largest franchises in the Paul Davis network and the largest restoration service provider in Salt Lake City. The company performs mitigation, contents, reconstruction and mold remediation services for residential, commercial, and institutional property owners and property managers. This acquisition furthers our strategy of selectively acquiring franchises within our aggregate network of 330 locations across North America.

California Closets also further expanded its company-owned operations with the acquisition of its franchised territory within Portland, Oregon and surrounding areas, adding a market with significant future growth potential. With this addition, California Closets now has 21 company-owned operations out of 80 overall locations.

“These three transactions are a continuation of our strategy to augment our capabilities and geographic coverage across existing operations through selective tuck-under acquisitions,” said Scott Patterson, Chief Executive Officer of FirstService. “We look forward to jointly working with the operating leaders and their teams to drive incremental growth opportunities in their respective markets,” he concluded.

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$3.5 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.

For the latest news from FirstService Corporation, visit FirstService.com.

COMPANY CONTACTS:

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566

FAQ

What acquisitions did FirstService Corporation announce on December 20, 2022?

FirstService announced three acquisitions including Emergency Restoration, a franchise operation in Salt Lake City and Las Vegas, and a franchised territory for California Closets in Portland.

How do these acquisitions impact FirstService Corporation's market reach?

The acquisitions enhance FirstService's geographic footprint and service capabilities, particularly in markets prone to property damage and restoration needs.

What is the strategic importance of the acquisition of Emergency Restoration?

Acquiring Emergency Restoration allows First Onsite Restoration to expand its emergency water mitigation and property restoration services in a key weather-affected area.

What growth potential does California Closets see with its new acquisition?

The acquisition in Portland is expected to provide significant future growth opportunities for California Closets, expanding its company-owned operations.