Business
FirstService acquires residential property preservation services leader, Field Asset Services
FirstService acquires residential property preservation services leader, Field Asset Services.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nExpands rapidly growing property improvement services platform\n\n\nUpdates financial outlook\n\n\nTORONTO, Oct. 3 /CNW/ - FirstService Corporation (NASDAQ: FSRV; TSX: FSV\nand FSV.PR.U) today announced that it has expanded its property improvement\nservices platform with the acquisition of an 80% interest in one of North\nAmerica's largest residential property preservation services companies, Field\nAsset Services (www.fieldassets.com). The balance of the equity will be\nretained by CEO Dale McPherson, founder, Steve George and the balance of the\nsenior management team. Field Asset Services generated revenues of $70 million\nduring the last 12 months. The terms of the transaction were not disclosed.\n\n\nFounded in 1996 and based in Austin, Texas, Field Asset Services provides\ncomprehensive property preservation, maintenance and repair services to some\nof the largest residential mortgage lenders in America for their residential\nproperties that have been acquired through foreclosure. Specifically, Field\nAsset Services secures the foreclosed properties, conducts recurring\nmaintenance and repair services and also up-grades acquired properties to\nassist clients in improving recovery on their residential mortgage loan\ninvestments.\n\n\nField Asset Services processes more than 1,600 client requests weekly\nthrough its state-of-the-art information systems that enable clients to\nefficiently manage their portfolios of foreclosed properties. All maintenance\nand repair services are managed through a proprietary system that includes\noutsourcing field services to a national network of independent service\ncontractors. At any one time, the company provides its services to more than\n$1.1 billion in client assets, representing over 25,000 residential\nproperties.\n\n\n"We are extremely pleased to be joining FirstService and its highly\nsuccessful property improvement services platform, said Dale McPherson,\nPartner and CEO of Field Asset Services. "We operate in a highly fragmented\nindustry that has experienced significant growth over the last few years. Our\nclients, some of the largest mortgage lenders and service companies in the\ncountry, appreciate our unique approach to the management and monitoring of\ntheir foreclosed and abandoned assets and as a result we have become a trusted\nand valued partner to hel...