Business
FirstService acquires Service America
FirstService acquires Service America.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\n\nResidential Property Management platform enhances service offering\n\nAdds Florida's Largest Provider of Home Service Contracts for\nMajor-Appliance & Heating/Air-Conditioning Systems\n\nTORONTO, Oct. 31 /CNW/ - FirstService Corporation (NASDAQ: FSRV; TSX:\nFSV) today announced that it has expanded its Residential Property Management\ndivision by acquiring an 80% interest in Florida's largest provider of home\nservice contracts for major-appliances and heating & air-conditioning systems.\nChris Heaney, President & Chief Executive Officer of Service America and his\nsenior management team will retain the balance of the equity and continue\nrunning all day-to-day operations. During the last twelve months, Service\nAmerica generated approximately $30 million in revenues. Terms of the\ntransaction were not disclosed.\n\"The addition of Service America to our portfolio of services provides us\nwith a leadership position in another essential service required by our large\nand growing customer base,\" said Gene Gomberg, CEO of FirstService's\nResidential Property Management division. \"Service America is a well known and\nrespected consumer brand in Florida led by an impressive management team who\nwill retain a significant interest in the business. We look forward to working\nclosely with Service America and assisting them in accelerating their future\ngrowth\".\nFounded in 1973 and based in Fort Lauderdale, Florida, Service America\ncontracts with over 65,000 individual homeowners annually through its\noperations in South and Central Florida. The company's trained technicians\nhave served homeowners for 30 plus years providing contracted support for air\nconditioning systems and major appliances.\n\"We are excited to be joining FirstService's highly successful\nresidential property management division. Their proven track record of growing\nbusinesses and unique model of partnering with management teams is what made\nthe difference,\" said Chris Heaney, President & Chief Executive Officer of\nService America. \"FirstService is the leading player in residential property\nmanagement in Florida and across the U.S., serving over 200,000 homeowners in\nSouth and Central Florida alone. We look forward to working with our new\npartners to grow our operations, both in Florida and within other markets\nwhere FirstServ...