FirstService Residential Solidifies Market Leadership Position in Greater Toronto Metropolitan Area

Rhea-AI Summary

FirstService Residential, a property management leader, has acquired Crossbridge Condominium Services, the leading residential management company in Ontario, Canada. The acquisition solidifies FirstService Residential as the market leader in the Greater Toronto Area.

Positive

• The acquisition strengthens FirstService Residential's position as the market leader in the Greater Toronto Area.
• FirstService Residential will benefit from Crossbridge's marquee portfolio of condominium properties under management.
• The acquisition provides opportunities for associates and clients to benefit from FirstService Residential's expertise and value-added programs.
• The acquisition allows for accelerated success and growth in the key market.

Negative

• The terms of the transaction were not disclosed.

Acquires Crossbridge Condominium Services

TORONTO, April 05, 2023 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that FirstService Residential, the North American property management leader, has recently acquired Crossbridge Condominium Services Ltd. (“Crossbridge”). The existing management team will continue to lead day-to-day operations. Terms of the transaction were not disclosed.

Founded in 1996 and headquartered in Toronto, Crossbridge is the leading residential management company in Ontario, Canada, with a marquee portfolio of condominium properties under management. The acquisition cements FirstService Residential as the market leader in the Greater Toronto Area, the third largest metropolitan area across the U.S. and Canada and also one of the fastest growing high-rise urban markets in North America.

“We will be working closely with Crossbridge’s leadership team to unlock opportunities for their associates and clients to benefit from FirstService Residential's operating expertise and value-added programs in the areas of client-focused technology, associate training and development, and energy efficiency,” said John Brea, FirstService Residential President, North Region.

“We are delighted to welcome Sandro Zuliani and the Crossbridge team to FirstService Residential. We share a commitment to service and delivering exceptional value to our condominium corporation clients,” said David Diestel, FirstService Residential CEO. “This acquisition provides our leadership teams and associates with an opportunity to accelerate our success and growth in this key market.”

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 $3.7 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.

COMPANY CONTACT:

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566

FAQ

What company has acquired Crossbridge Condominium Services?

FirstService Residential.

Where is Crossbridge Condominium Services headquartered?

Toronto, Canada.

What does the acquisition solidify for FirstService Residential?

Its position as the market leader in the Greater Toronto Area.

What benefits will FirstService Residential gain from the acquisition?

Crossbridge's marquee portfolio of condominium properties and opportunities for associates and clients to benefit from expertise and value-added programs.

What market is experiencing accelerated success and growth?

The Greater Toronto Area.