Business
FirstService announces acquisition and further expands commercial real estate offerings
FirstService announces acquisition and further expands commercial real estate offerings.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\n\nAcquires one of North America's largest Commercial Real Estate Appraisal\nand consulting firms, PGP Valuation Inc\n\nTORONTO, Nov. 28 /CNW/ - FirstService Corporation (NASDAQ: FSRV;\nTSX: FSV) today announced that it has expanded its Commercial Real Estate\nServices platform by acquiring a majority interest in commercial real estate\nappraisal and consulting firm, PGP Valuation Inc. Ken Harrison, President and\nhis senior management team will retain the balance of the equity and will\ncontinue as partners in the business going forward. During the last twelve\nmonths, PGP Valuation generated approximately $20 million in revenues. The\nterms of the transaction were not disclosed.\nPGP will become the exclusive commercial appraisal platform in the United\nStates for Colliers Macaulay Nicolls (\"Colliers CMN\"), a FirstService company.\nColliers CMN U.S. appraisal offices will be re-branded as PGP Valuation Inc.\nover the coming months.\n\"The addition of PGP Valuation is another important step in our strategy\nto provide a full suite of services to our clients in commercial real estate,\"\nsaid Doug Frye, President and CEO of Colliers CMN and Chairman of Colliers\nInternational. \"PGP's long history and strong reputation combined with its\nstate of the art appraisal technology and extensive comparable data interface\nwill be merged with our existing practice. We are excited about providing this\nenhanced service through our extensive broker network.\"\nFounded in 1978 as a partnership involving Don Palmer, Dave Groth and\nDave Pietka, PGP Valuation, headquartered in San Diego, California, is one of\nthe largest commercial real estate appraisal and consulting firms in the\ncountry. With more than 125 professionals, operating from 8 offices including\nSeattle, Portland, San Diego, Sacramento, Atlanta, Honolulu, Vancouver (WA)\nand Las Vegas, PGP provides comprehensive, in-depth valuation and market\nanalysis to investors and owners of commercial real estate throughout the\nUnited States.\n\"FirstService and Colliers CMN are perfect partners for PGP,\" said Ken\nHarrison, President of PGP. \"They have an enviable track record of success in\npartnering with companies like ours to take them to the next level of\nperformance. We are confident PGP will accelerate its growth, both internally\nand through acquisition, while mainta...