FirstService Broadens Restoration Footprint

Rhea-AI Summary

First Onsite Restoration and Paul Davis Restoration acquire tuck-under businesses, enhancing their restoration capabilities and geographic coverage in key markets.

Positive

• The acquisitions strengthen First Onsite Restoration and Paul Davis Restoration's presence in fast-growing markets.
• The addition of Case Restoration Co. brings expertise in commercial and large loss claims, expanding First Onsite Restoration's client base.
• The acquisitions of franchised operations in Richmond and Reno expand Paul Davis Restoration's footprint in the Mid-Atlantic region and augment their service capabilities in Nevada and Utah.

Negative

• None.

First Onsite Restoration and Paul Davis Restoration Add Tuck-Under Acquisitions

TORONTO, Sept. 14, 2023 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) today announced that it has recently completed three restoration tuck-under acquisitions. Terms of the transactions were not disclosed.

First Onsite Restoration acquired Nashville, Tennessee-based Case Restoration Co. Founded in 2001, the company is a full-service provider of emergency water and fire mitigation, property restoration and capital improvement services throughout the Nashville metropolitan area. Case Restoration brings a depth of expertise in commercial and large loss claims and has developed a broad, blue-chip customer base across the education, government and retail sectors. This acquisition enhances our presence and client coverage in this fast-growing market.

Paul Davis Restoration added to its company-owned platform with the acquisitions of its franchised operations serving the Richmond, Virginia and Reno, Nevada metropolitan areas, respectively. The Richmond territory, together with our previously acquired Raleigh, North Carolina franchised operation, expands our footprint in the Mid-Atlantic region. Similarly, the Reno location augments the scale and service capabilities of our existing Nevada and Utah company-owned operations.

“These tuck-under transactions bolster our restoration capabilities and broaden our geographic coverage in key growth markets,” said Scott Patterson, Chief Executive Officer of FirstService. “We welcome the leaders and their teams and look forward to their contributions in serving our clients and further growing our business,” 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$4.1 billion in annual revenues and has approximately 27,000 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