FirstService completes two acquisitions

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[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 21 /CNW/ - FirstService Corporation (NASDAQ: FSRV; TSX: FSV\nand FSV.PR.U) today announced that it has completed two acquisitions in its\nresidential property management division. The acquisitions generated\napproximately US$40 million in annualized revenues during the last 12 month\nperiod. The terms of these transactions were not disclosed.\n\n\nFirstService has acquired Planned Companies, an integrated outsourcing\nservices company providing real estate facility services to more than\n275 residential and commercial clients in the U.S. North-East. This\nacquisition complements existing property management operations in the region\nand provides another opportunity to extend the services already provided\nthrough its existing operations in this important US regional market.\n\n\nFirstService also acquired Grand Shores Management Group located in\nDestin, Florida. Grand Shores provides property management services to more\nthan 5,000 residential units and establishes a regional platform in the\nhigh-growth Florida Panhandle market.\n\n\n"A key element of our strategy at FirstService is to augment strong\ninternal growth with attractive tuck-under acquisitions to drive new regional\ngrowth and further advance our market-leading position" said Jay S. Hennick,\nFounder and CEO of FirstService. "Once these new acquisitions are fully\nintegrated, we intend to leverage our investments by realizing on\nopportunities to increase market share and margins in these important\nregions," he added.\n\n\nAbout FirstService Corporation\n\n\n------------------------------\n\n\nFirstService is a leader in the rapidly growing property services sector,\nproviding services in the following four areas: commercial real estate;\nresidential property management; integrated security and property improvement\nservices. Industry-leading service platforms include: Colliers International,\nthe third largest global player in commercial real estate; FirstManagement\nPartners, the largest manager of residential properties in North America;\nFirstService Security, the fifth largest integrated security company in North\nAmerica; and The Franchise Company, the second largest property improvement\nservices organization in North America.\n\n\nFirstService is a diversified property services company with more than\nUS 1.7 billi...

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