Business
FirstService Completes Three "Tuck-Under" Acquisitions
FirstService Completes Three "Tuck-Under" Acquisitions.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\n\nContinued Expansion in Residential Property Management & Property \nImprovement\n\nTORONTO, May 11 /CNW/ - FirstService Corporation (Nasdaq: FSRV; TSX: FSV)\ntoday announced that it has completed three tuck-under acquisitions, one in\nthe rapidly growing residential property management division and two in the\nproperty improvement division. The acquisitions add a total of US$8 million in\nannualized revenues. The terms of these transactions were not disclosed.\nIn residential property management, FirstService acquired a leading\nresidential property manager in Orlando, Florida, managing 40 properties and\nmore than 22,000 homes. These operations will be integrated into our existing\nbusiness, established earlier this year, in this fast growing Central Florida\nmarket. FirstService is the largest manager of owned residential properties in\nNorth America and manages more than 3,000 properties and 600,000 homes from 35\noffices in 16 U.S. states.\nIn property improvement, FirstService acquired two franchised California\nClosets operations - in Fresno and Sacramento, California - continuing to\nbuild on its strategy of selectively acquiring franchise operations in growing\nmarkets. FirstService's property improvement division operates a network of\nmore than 1,800 franchises and 13 company-owned operations generating more\nthan $900 million in system wide sales in 50 U.S. states and 14 countries\naround the world.\n\"The FirstService strategy is to balance strong internal growth with\ndisciplined acquisitions and the acquisitions announced today are consistent\nwith that strategy. Adding smaller tuck-under acquisitions that meet our\ncriteria is an important part of our growth strategy and is one of the key\nreasons we have continued to grow at an annualized rate of more than 20% over\nthe past number of years,\" said Jay S. Hennick, Founder and CEO of\nFirstService. \"Once these new acquisitions are fully integrated, we intend to\nleverage our investments by realizing on opportunities to increase margins and\nexpand services offered to our client base\", he added.\n\nAbout FirstService Corporation\n------------------------------\n\nFirstService is a leader in the rapidly growing service sector, providing\nproperty related services in commercial real estate; residential property\nmanagement; property improvement and in...