Adds Paul Davis Systems Canada to Its Market Leading Business
TORONTO, June 2, 2014 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) today announced that its subsidiary, FirstService Brands, the leading North American brand in property services, has acquired Paul Davis Systems Canada, the market leader in the Canadian insurance restoration industry, providing restoration, mitigation, reconstruction and emergency services nationally. Ken and Steve Robinson will continue to lead the day-to-day operations of the Canadian business as CEO and COO, respectively. The acquisition adds 63 franchises to Paul Davis Restoration's North American business services platform, bringing the total number of franchises to 370. Terms of the transaction were not disclosed.
"This acquisition unifies the Paul Davis Insurance Restoration brand across North America." said Tim Robinson, CEO of Paul Davis Restoration. "We already enjoy a close and synergistic relationship with our Canadian operators, Ken and Steve Robinson, and have always been impressed by their strong management team and experienced and able group of franchisees. We look forward to working even more closely with them in the future as we continue to strive to enhance the value proposition for our insurance and commercial clients across the continent."
"Our family has been involved with Paul Davis Restoration as its master franchise in Canada for two generations and we are absolutely thrilled to be able to re-unite both organizations under one leadership team," said Ken Robinson. "As a combined business, we will be better positioned to leverage our collective scale, client relationships, resources and footprint to offer our clients and franchisees an enhanced level of service and support while providing them with a wider breadth of value-added programs and capabilities delivered seamlessly through one unified platform," added Steve.
FirstService Corporation is a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. FirstService manages more than 2.5 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International - one of the largest global players in commercial real estate services; 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$2.3 billion in annual revenues and has more than 24,000 employees world-wide. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders since becoming a publically listed company in 1993. The common shares of FirstService trade on the NASDAQ under the symbol "FSRV" and on the Toronto Stock Exchange under the symbol "FSV". More information is available at www.firstservice.com.
Certain statements included in this release contain words such as "could", "expects", "expectations", "may", "anticipates", "believes", "intends", "estimates" and "plans" (and similar expressions) and constitute "forward-looking statements" within the meaning of applicable securities law. These statements are based on FirstService's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which FirstService and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which are difficult to predict and may cause the actual results, performance or achievements of FirstService, or outcomes or results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions which will, among other things, impact demand for the FirstService's services, service industry conditions and capacity and the cost of providing services; the ability of FirstService to implement its business strategy, including FirstService's ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; changes in or the failure to comply with government regulations (especially safety and environmental laws and regulations); and other factors which are described in FirstService's filings with the U.S. Securities and Exchange Commission and Canadian regulatory authorities. These statements, although considered reasonable by FirstService at the date of this press release, may prove to be inaccurate and consequently FirstService's actual results could differ materially from its expectations as set out or implied in this release. Unless otherwise required by applicable securities laws, FirstService disclaims any intention or obligation to update or revise any forward-looking statements.
CONTACT: COMPANY CONTACTS:
John B. Friedrichsen
Senior Vice President & CFO
President & CEO
Paul Davis Restoration
President & CEO
Paul Davis Systems Canada
Source: FirstService Corporation