Global Restoration Completes Two Acquisitions

Rhea-AI Summary

FirstService Corporation announced the acquisition of Spectrum Restoration Services Ltd. and Trilink Restoration Services, LLC by its subsidiary, Global Restoration Holdings. This strategic move, aimed at expanding Global's commercial restoration capabilities, aligns with FirstService's growth strategy. With these acquisitions, Global further extends its geographic footprint and enhances service offerings in Alberta and Oklahoma. The operations will be rebranded under the name FIRST ONSITE starting March 29, 2021. This marks Global's ninth acquisition since mid-2019.

Positive

• Expansion of geographic footprint into new markets.
• Enhancement of commercial restoration capabilities.
• Successful completion of nine acquisitions since mid-2019.

Negative

• None.

Adds Spectrum Restoration and Trilink Restoration

TORONTO, March 04, 2021 (GLOBE NEWSWIRE) --  FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that its subsidiary, Global Restoration Holdings (“Global”), has recently acquired Spectrum Restoration Services Ltd. (“Spectrum”) and Trilink Restoration Services, LLC (“Trilink”). Terms of the transactions were not disclosed.

Spectrum, established in 2006 and based near Edmonton, Alberta, is a full-service emergency response and restoration firm servicing industrial, healthcare and hospitality clients across central Alberta, Saskatchewan and the surrounding areas.

Headquartered in Oklahoma City, Trilink is one of Oklahoma’s largest independent commercial and residential restoration services providers. Trilink’s team provides a full range of emergency restoration services across a diverse client base, including healthcare, hospitality, multifamily and education.

“Both Spectrum and Trilink extend Global’s commercial restoration capabilities and expertise into new markets,” said Jeff Johnson, Executive Chairman of Global. “These transactions are a continuation of our strategy to further build out our geographical footprint to better serve our regional and national account clients. We are delighted to have the Spectrum and Trilink teams join our organization to drive further growth,” he concluded.

With the addition of Spectrum and Trilink, Global has completed nine tuck-under acquisitions across North America since becoming a subsidiary of FirstService in mid-2019. Global’s operations, including recent acquisitions, will be rebranded under a single name, FIRST ONSITE, effective March 29, 2021.

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 approximately $2.8 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 acquisitions did FSV announce on March 4, 2021?

FSV announced the acquisition of Spectrum Restoration Services and Trilink Restoration Services.

How do Spectrum and Trilink impact FSV's business?

These acquisitions enhance FSV's restoration services and expand its geographic footprint.

What is the new brand name for Global Restoration Holdings after the acquisitions?

Global Restoration Holdings will be rebranded as FIRST ONSITE effective March 29, 2021.

How many acquisitions has FSV made since mid-2019?

Since mid-2019, FSV has completed nine tuck-under acquisitions.

What industries do Spectrum and Trilink serve?

Spectrum and Trilink serve industries including healthcare, hospitality, and education.