FirstOnSite Restoration and Interstate Restoration announce definitive agreement to be acquired by FirstService Corporation
May 23 2019 - 10:57AM
Global Restoration Holdings LLC, the parent company to Interstate
Restoration and FirstOnSite Restoration, announced today the
signing of a definitive agreement to be acquired by the property
services firm FirstService Corporation.
“FirstService understands our business and customers well; their
business lines are focused on managing properties, as well as
providing services to properties and property owners,” said Dave
Demos, Chief Executive Officer, FirstOnSite Restoration. “We speak
the same language and we’re both focused on delivering results for
our customers.”
FirstOnSite / Interstate will together become an independent
company-owned brand under the FirstService umbrella, and will
operate separately from other FirstService brands.
“FirstService has been looking to expand in the disaster
restoration industry, and we admire the success of both FirstOnSite
Restoration and Interstate Restoration,” said Scott Patterson,
President and CEO of FirstService. “We now want to help accelerate
that growth.”
FirstOnSite and Interstate have had a vision to be a global
leader in the disaster restoration industry since they joined
forces in 2016. They have both grown significantly over the last
several years and have been searching for a strategic financial
partner to help continue and accelerate that growth.
“This transaction represents another important milestone for our
company,” said Stacy Mazur, Chief Executive Officer of Interstate
Restoration. “We chose FirstService because they share our vision
for strategic growth and our desire to continue to provide an
exceptional experience for our clients.”
FirstOnSite/Interstate proactively chose the best partner to
support its vision of strategic growth. The investment by
FirstService gives the restoration organization the strongest
financial platform in the industry to leverage growth, enhance
buying power and to ultimately service its customers.
The agreement was signed by FirstService Corporation and Global
Restoration Holdings, LLC, the holding company for Interstate
Restoration and FirstOnSite Restoration.
Global Restoration is being sold by Delos
Capital, a lower middle market private equity firm. Houlihan Lokey
is acting as financial advisor and Goodwin Proctor as legal counsel
to Global Restoration. Fogler, Rubinoff LLP and Ferrante &
Associates acted as legal counsel to FirstService.
The closing of the transaction remains subject to obtaining
regulatory approvals in the US and Canada. The transaction is
expected to be finalized in the next four to six weeks. FirstOnSite
and Interstate Restoration will continue to provide clients with
exceptional service as a leading disaster recovery provider in
North America.
About FirstOnSite Restoration FirstOnSite
Restoration Limited is the leading independent Canadian disaster
restoration services provider, providing remediation, restoration
and reconstruction services nationwide, and for the U.S. large loss
and commercial market. With more than 35 locations, 24/7 emergency
service and a commitment to customer service, FirstOnSite proudly
serves the residential, commercial and industrial sectors. In May
2016, FirstOnSite joined forces with U.S.-based Interstate
Restoration, expanding its resource base, and extending its
customer service offering and collectively becoming the second
largest restoration service provider in North America.
For more information visit: firstonsite.ca or call
(877) 778-6731 or on Twitter at @firstonsite.
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 approximately US$2
billion in annual revenues and has more than 20,000 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
common shares of FirstService trade on NASDAQ and the Toronto Stock
Exchange under the symbol “FSV”.
For the latest news from FirstService Corporation, visit
firstservice.com.
About Interstate RestorationFounded in 1998,
Interstate Restoration, LLC, based in Ft. Worth, Texas, is one of
the largest emergency restoration and reconstruction service
providers for commercial enterprises in North America. In 2016,
Interstate acquired FirstOnSite Restoration, the leading
independent Canadian disaster restoration services provider.
Together, the two companies are the second-largest independent
North American restoration and reconstruction services provider.
With approximately 1,400 employees, Interstate Restoration and
FirstOnSite assist property owners and businesses in recovering
from fire, flood, natural and human-caused disasters.
For more information on Interstate Restoration, visit
interstaterestoration.com, call (800) 622-6433 or on Twitter at
@InterstateRest.
About Delos CapitalDelos
Capital, founded in 2013, is a lower middle market private equity
firm specializing in management buyouts, recapitalizations, and
growth investments. For more information, visit
www.deloscap.com.
Press Contacts:
FirstOnSite Restoration Dana
SharmanMAVERICKdanas@wearemaverick.com416-640-5525 ext 242
Interstate Restoration Steve Caulk +1 (303) 410-4971
FirstService Corporation Jeremy Rakusin 416-620-1774
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