Acquisition of leading Residential Property Management company in Dallas,
Texas adds breadth to North American leader
TORONTO, June 14 /CNW/ - FirstService Corporation (NASDAQ: FSRV; TSX: FSV) announced today that it has further increased the size and breadth of its rapidly growing residential property management business with the acquisition of an 80 per cent interest in Premier Communities Management Company, one of Dallas's largest and most respected providers of residential property management services and consulting services. Cindy Huey, Founder and CEO will retain the balance of the equity and will continue to manage day-to-day operations. Terms of the transaction were not disclosed.
"Establishing a market-leading position in Dallas has been a strategic priority for FirstService and our new partnership with Premier Communities is a major step forward as we accelerate our growth across the southern United States," said Gene Gomberg, CEO of FirstService Residential Property Management. "Premier Communities has an enviable leadership position in the market and a number of excellent long-term customer relationships that the FirstService team plans to accelerate through new service and product offerings. We look forward to working with Cindy and her excellent management team."
Founded in 1994, Premier Communities contracts with more than 150 community associations representing over 55,000 residential homes in the greater Dallas, Texas market. With the addition of Premier Communities, FirstService's residential property management division extends its position as the leading industry player in the management of luxury hi-rise, active adult and large-scale homeowner associations in the United States, with more than 3,700 properties, representing over 800,000 residences. Additional information on Premier Communities can be found on their website at www.premiercommunities.net
"I am very excited about our prospects for both accelerating our internal growth and pursuing acquisitions to expand our market position with the support of FirstService," said Cindy Huey, Founder and Chief Executive Officer of Premier Communities. "Obtaining access to programs, resources and growth capital from the largest residential property management company in North America will allow us to expand our product offerings and provide an enhanced level of services to our clients, while also being able to expand our market share in the sizeable Texas market. FirstService has an excellent track record in partnering with companies like ours and then taking them to the next level of performance."
About FirstService Corporation
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FirstService is a leader in the rapidly growing property services sector, providing services in the following areas: commercial real estate; residential property management; property improvement; and integrated security services. Market-leading brands include Colliers International in commercial real estate; The Continental Group, The Wentworth Group and The MERIT Companies in residential property management; Consumer brands California Closets, Paul Davis Restoration, Pillar to Post Home Inspections, Certa Pro Painters and Handyman Connection, in property improvement; and Intercon Security and Security Services & Technologies in integrated security.
FirstService is a diversified property services company with more than US$1.5 billion in annualized revenues and more than 16,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
FORWARD-LOOKING STATEMENTS
Certain statements included in this release constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of FirstService, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, impact demand for the FirstService's services, service industry conditions and capacity; the ability of FirstService to implement its business strategy, including FirstService's ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; changes in or the failure to comply with government regulations (especially safety and environmental laws and regulations); and other factors which are described in FirstService's filings with the U.S. Securities and Exchange Commission and the Canadian regulatory authorities.