FirstService Residential Extends Market Leadership in New York City with Two Acquisitions

Rhea-AI Summary

FirstService Corporation announced the acquisition of Charles H. Greenthal and Tudor Realty Services as part of its expansion strategy in the North American property management sector. Greenthal, established in 1958, manages over 250 residential properties in the New York metropolitan area. Tudor, founded in 1990, specializes in managing nearly 100 cooperative and condominium properties. With these acquisitions, FirstService aims to strengthen its market position in New York, which is a key growth area for the company.

Positive

• Acquisition of Greenthal and Tudor enhances FirstService's portfolio in New York, a strategic priority.
• Greenthal and Tudor bring strong reputations and established management teams, aiding seamless integration.

Negative

• None.

Adds Charles H. Greenthal and Tudor Realty Services

TORONTO, Jan. 12, 2023 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that FirstService Residential, the North American property management leader, has recently acquired Charles H. Greenthal & Co. (“Greenthal”) and Tudor Realty Services Corp. (“Tudor”). The existing management teams of Greenthal and Tudor will continue to oversee their respective day-to-day operations. Terms of the transactions were not disclosed.

Founded in 1958, Greenthal is one of the largest privately owned residential management and leasing firms in the New York metropolitan area with more than 250 condominium, cooperative, and rental properties under management throughout New York City, Long Island and Westchester County.

Tudor, established in 1990 and based in New York City, provides residential property management and brokerage services to almost 100 cooperative and condominium properties, with a particular expertise and well-recognized reputation in the cooperative segment.

“New York is one of our largest markets and a strategic growth priority for us. These two acquisitions add attractive portfolios of marquee properties which further extend our leadership position,” said David Diestel, CEO of FirstService Residential. “We are excited to have Greenthal and Tudor join the FirstService Residential family and look forward to working closely with their teams to drive additional value to our clients and residents throughout the New York region.”

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 $3.5 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.  

COMPANY CONTACT:

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566

FAQ

What companies did FirstService acquire?

FirstService acquired Charles H. Greenthal and Tudor Realty Services.

How will the acquisitions affect FirstService's operations?

The existing management teams will continue overseeing day-to-day operations, ensuring continuity.

What is the significance of the New York market for FirstService?

New York is a major market and strategic growth priority for FirstService.

What is the revenue impact from the acquisitions for FirstService?

The terms of the transactions were not disclosed, but increased market presence is expected to enhance revenues.