Partners with senior management team in regional market leader
TORONTO, June 18 /CNW/ - FirstService Corporation (NASDAQ: FSRV; TSX: FSV) today announced that its subsidiary, Colliers Macaulay Nicolls Inc. ("Colliers CMN"), which operates globally as Colliers International, has acquired a majority interest in Colliers Monroe Friedlander ("Colliers Hawaii"), with senior management, active brokers and employees retaining the balance of the equity. The terms of the transaction were not disclosed.
Founded in 1973, Colliers Hawaii is the leading commercial real estate service provider across the Hawaiian Islands. With more than 100 professionals operating from two offices, Colliers Hawaii advised on more than US$600 million in commercial real estate transactions last year and manages more than five million square feet of commercial property.
"Having worked with the senior managers and brokers of Colliers Hawaii for many years, it was natural for us to partner with them to actively support the long-term growth and development of their business," said Doug Frye, Chief Executive Officer of Colliers CMN and Chairman of Colliers International. "Colliers Hawaii is a market leader and an important gateway to the Pacific Rim, positioning us to further capitalize on our significant and growing business in Asia Pacific. By continuing to expand our business with quality partners in key growth markets, we continue to improve our service offering to our clients and accelerate their success."
"The shareholders of Colliers Hawaii are delighted by our new partnership with Colliers CMN and FirstService," said Andrew Friedlander, Co-Founder and Vice-Chairman of Colliers Hawaii. "Their significant global real estate platform, proven track record and exceptional operating systems will help us accelerate our growth both in the United States and throughout Asia Pacific. In addition, the combination of Colliers CMN and FirstService provides us with the resources of a leading global organization while preserving our entrepreneurial culture and regional flexibility. We could not have found better partners."
"The acquisition of Colliers Hawaii represents continued progress in growing our global commercial real estate services platform," said Jay Hennick, Founder and Chief Executive Officer of FirstService. "Our proven partnership model is a key competitive advantage in building our business. With quality management teams as partners who share our values and commitment to building the business, we are creating value for all stakeholders over the long term."
About Colliers International
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Colliers CMN (www.colliersmn.com) is a leading international real estate services company that provides a full range of services to commercial real estate users, owners and investors worldwide, including brokerage, property management, hotel investment sales and consulting, corporate services, valuation, consulting and appraisal services, mortgage banking and research. Through greater knowledge and specialization, Colliers CMN strives to accelerate the success of all its clients, partners, professionals, management and staff. With annualized revenues in excess of US$700 million, and 157 offices in 26 countries worldwide, Colliers CMN is the largest member of the Colliers International Property Consultants ("CIPC") global network, one of the top three commercial real estate service organizations in the world. The CIPC global network has 266 offices in 56 countries worldwide (129 in the Americas, 85 in Europe, Middle East and Africa and 52 in Greater Asia).
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 systems. 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 service company with more than US$1.5 billion in annual 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.