Business
FirstService closes the sale of its security division to ADT Security
Proceeds from divestiture combined with existing funds to drive growth TORONTO, July 2 /CNW/ - Fi...
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nProceeds from divestiture combined with existing funds to drive growth\n\n\nTORONTO, July 2 /CNW/ - FirstService Corporation ("FirstService")\n(NASDAQ: FSRV; TSX: FSV and FSV.PR.U) announced today that it has closed the\nsale of its integrated security division, FirstService Security, to ADT\nSecurity ("ADT"), a unit of Tyco International (NYSE: TYC), previously\nannounced on April 14, 2008.\n\n\n"The completion of this strategically important transaction by\nFirstService now allows us to focus on executing our strategy of building our\ncompany into a significant global provider of diversified real estate\nservices," said Jay Hennick, Founder and Chief Executive Officer of\nFirstService. "Accelerating the growth of our three real estate services\nplatforms through a combination of internal growth and acquisitions is a\npriority and we are in a stronger position than ever to achieve our goals and\ncreate greater long-term value for the shareholders of FirstService during a\nperiod of great opportunity."\n\n\n"We would like to thank our partners and employees of FirstService\nSecurity for their tireless dedication and years of contribution and would\nlike to extend our best wishes to them, and ADT, as they take this business to\nthe next level," added Mr. Hennick.\n\n\nABOUT FIRSTSERVICE CORPORATION\n\n\nFirstService is a global diversified leader in the rapidly growing real\nestate services sector, providing services in the following three areas:\ncommercial real estate; residential property management; and property\nimprovement services. Industry-leading service platforms include: Colliers\nInternational, the third largest global player in commercial real estate;\nFirstManagement Partners, the largest manager of residential properties in\nNorth America; and The Franchise Company, the largest provider of property\nimprovement services through franchise and contractor networks in North\nAmerica.\n\n\nFirstService is a diversified property services company with more than\nUS$1.6 billion in annualized revenues and more than 17,000 employees\nworldwide. More information about FirstService is available at\nwww.firstservice.com.\n\n\nFORWARD-LOOKING STATEMENTS\n\n\nCertain statements included in this release contain words such as\n"could", "expects", "ex...