Broadens Paul Davis Restoration Geographic Footprint; Adds California Closets Houston

TORONTO, Oct. 10, 2018 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) today announced that it has expanded its FirstService Brands company-owned operations with three recent acquisitions within its Paul Davis Restoration (“PDR”) and California Closets business lines. Terms of the transactions were not disclosed.

PDR recently completed two acquisitions which broaden the geographic footprint of its company-owned restoration services. The addition of one of PDR’s leading Kentucky-based territories provides additional service coverage and capabilities between the Eastern and Midwest regions of its company-owned operations. The acquisition of the Seattle franchise adds a presence in another major metropolitan market which will serve as the foundation for a new regional platform on the U.S. west coast. Including these two acquisitions, there are currently a total of eight PDR company-owned operations.

FirstService Brands also added to its California Closets company-owned platform with the acquisition of its franchise within the Houston metropolitan area, which represents the fifth largest market in the U.S. providing significant future growth potential. Following this acquisition, California Closets now has 17 company-owned operations out of 80 overall locations.

“We continue to make steady progress with our company-owned strategies at Paul Davis and California Closets,” said Charlie Chase, CEO of FirstService Brands. “These tuck-under acquisitions are consistent with our objective to enhance our presence in major markets which offer significant incremental growth opportunities,” he concluded.

ABOUT FIRSTSERVICE CORPORATION

FirstService Corporation is a North American leader in the property services sector, serving its customers through two industry-leading service platforms: FirstService Residential, North America's largest manager of residential communities; and FirstService Brands, one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.

FirstService generates more than $1.8 billion in annual revenues and has more than 19,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The Subordinate Voting Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV". 

For the latest news from FirstService Corporation, visit FirstService.com.

COMPANY CONTACTS:

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500

Charlie Chase
CEO
FirstService Brands
(866) 366-0420