FirstService Residential Extends Market Leadership Position in Florida

Rhea-AI Summary

FirstService Corporation announced the acquisition of the Condominium Association Management Division of Atlantic | Pacific Companies (APAM). This strategic move enhances FirstService Residential's position in the South Florida market, where APAM manages over 20,000 condominium units across roughly 100 properties. CEO David Diestel emphasized that this acquisition bolsters their market share and resources, strengthening their brand and service capabilities. FirstService Corporation generates over $3 billion in annual revenues and employs around 24,000 staff across North America.

Positive

• Acquisition of APAM strengthens market position in South Florida.
• Increases management capabilities with a team of experienced associates.
• Enhances market share in the high-rise condominium segment.

Negative

• None.

Acquires Atlantic Pacific Association Management

TORONTO, Sept. 29, 2021 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that FirstService Residential, the North American property management leader, has recently acquired the Condominium Association Management Division of Atlantic | Pacific Companies (“APAM”), a fourth generation real estate organization. Terms of the transaction were not disclosed.

APAM is one of the leading providers of high-rise condominium management services in South Florida with more than 20,000 units under management across approximately 100 association properties. The APAM acquisition further extends FirstService Residential’s leadership position within the high-rise segment in the South Florida market.

“This is a key transaction which cements our presence in South Florida and brings additional capabilities to compete and increase our market share,” said David Diestel, Chief Executive Officer of FirstService Residential. “The addition of APAM strengthens our talent pool and furthers our brand position, allowing us to better serve and add value to our community association clients. We welcome APAM’s team of experienced associates to the FirstService family and look forward to working together in further advancing our growth strategy in the important Florida market,” he concluded.

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 $3.0 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". 

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

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian and U.S. securities laws. Much of this information can be identified by words such as “expect to,” “expected,” “will,” “estimated” or similar expressions suggesting future outcomes or events. FirstService believes the expectations reflected in such forward-looking information and statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information and statements should not be unduly relied upon. Forward-looking information and statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to, the risks related to FirstService’s business, including those identified in FirstService’s annual information form for the year ended December 31, 2020 under the heading “Risk factors” (a copy of which may be obtained at www.sedar.com or as part of FirstService’s Form 40-F at www.sec.gov). Forward-looking information and statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking information and statements in this news release are qualified by these cautionary statements. Except as required by applicable law, FirstService undertakes no obligation to update any forward-looking information and statement, whether as a result of new information, future events or otherwise.

COMPANY CONTACT:

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566

FAQ

What is FirstService Corporation's recent acquisition?

FirstService Corporation recently acquired the Condominium Association Management Division of Atlantic | Pacific Companies.

How many units does APAM manage?

APAM manages over 20,000 units across approximately 100 association properties.

What is the impact of the APAM acquisition on FirstService Residential?

The acquisition strengthens FirstService Residential's leadership position in the South Florida high-rise segment.

When was the acquisition of APAM announced?

The acquisition was announced on September 29, 2021.

What is the stock symbol for FirstService Corporation?

The stock symbol for FirstService Corporation is FSV.