FirstService Expands Property Restoration Platform

Rhea-AI Summary

FirstService Corporation announced five acquisitions to enhance its property restoration operations. This includes four commercial firms under First Onsite Restoration and one residential provider under Paul Davis Restoration. The acquisitions strengthen FirstService's geographic coverage in North America, notably in markets like the Washington D.C. area, Seattle, Kauai, and southern Wisconsin. These strategic moves aim to boost operational excellence and expand service capabilities, ultimately benefiting national and regional commercial clients.

Positive

• Expansion of geographic footprint through five acquisitions enhances market presence.
• Strengthened service capabilities in key regions, including Mid-Atlantic and Pacific Northwest.
• Addition of Stat Services to Paul Davis network increases residential restoration capacity.

Negative

• None.

Adds Five Acquisitions to Drive Future Growth

TORONTO, Jan. 05, 2022 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that it has recently completed five acquisitions within its property restoration operations, including four regional commercial restoration firms within its operating subsidiary, First Onsite Restoration, and an additional residential restoration services provider under its Paul Davis Restoration service line. These transactions further expand our North American geographic footprint and property restoration service capabilities. The leaders of each of these businesses will continue to run their respective day-to-day operations. Terms of the transactions were not disclosed.

A-1 Flood Tech, founded in 1969 and headquartered in Manasas, Virginia under the leadership of President Greg Orndorff, Jr., provides commercial water mitigation and mold remediation services within Washington D.C., Maryland and Virginia. The addition of A-1 solidifies First Onsite’s Mid-Atlantic coverage and deepens its presence within the Washington D.C. market, the sixth largest metropolitan area in the U.S.

Established in 1976 and based in Seattle, Washington, Bales Restoration is a leading provider of commercial water remediation and restoration services within the Seattle metropolitan area. The company also delivers specialized containment and decontamination services expertise to hospitals and other healthcare facility clients. Bales augments both First Onsite’s presence in the Pacific Northwest region and its healthcare vertical capabilities.

Kauai Restoration & Cleaning, established in 2013 and led by its Founder, Gabe Prieto, is the leading provider of commercial mitigation and reconstruction services on the island of Kauai, Hawaii. The addition of Kauai Restoration further expands First Onsite’s market-leading presence across the Hawaii islands.

Founded in 2010, based in Milwaukee, Wisconsin and led by its Founder, Mike Wyne, Emergency Fire & Water Restoration is a full-service commercial property restoration firm serving the southern Wisconsin market. This acquisition bolsters First Onsite’s Midwest regional coverage, adding a strong presence in the Milwaukee and Madison metropolitan areas within southern Wisconsin.

“These four acquisitions are important in further advancing our strategy and operational excellence by expanding our geographic footprint and increasing our timely response to best serve our national and regional commercial clients,” said Stacy Mazur, First Onsite CEO, U.S. “We welcome the operating leaders and associates within each of these organizations and look forward to combining our efforts and expertise in driving future growth.”

In addition to the above-mentioned tuck-under transactions completed by First Onsite Restoration, our Paul Davis Restoration operations recently closed the acquisition of Stat Services, an independently owned provider of residential restoration services. Founded in 2002 and headquartered in Williamsburg, Virginia, the company provides emergency and reconstruction services to homeowners throughout the state of Virginia. Stat Services will be rebranded under the Paul Davis brand name and adds a new market territory to the Paul Davis network of 325 franchised and company-owned locations across North America.

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$3.1 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", and are included in the S&P/TSX 60 Index. More information is available at www.firstservice.com.

COMPANY CONTACT:

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566

FAQ

What were the recent acquisitions made by FSV in 2022?

FirstService Corporation (FSV) completed five acquisitions, including four commercial restoration firms and one residential provider.

How do the acquisitions affect FSV's market presence?

The acquisitions significantly expand FSV's geographic coverage and service capabilities across North America.

What is the strategic goal behind FSV's acquisitions?

The acquisitions aim to enhance operational excellence and improve response times for commercial clients.

What services does Stat Services provide after being acquired by FSV?

Stat Services provides emergency and reconstruction services to homeowners in Virginia.

How does FirstService Corporation generate revenue?

FirstService Corporation generates more than US$3.1 billion annually through its residential and essential property services.