Global Restoration Holdings Completes Four Acquisitions

Date : 12/04/2019 @ 12:30PM
Source : GlobeNewswire Inc.
Stock : FirstService Corporation (FSV)
Quote : 101.49  1.44 (1.44%) @ 9:00PM
FirstService share price Chart

Global Restoration Holdings Completes Four Acquisitions

FirstService (NASDAQ:FSV)
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2 Months : From Nov 2019 to Jan 2020

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FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that its operating subsidiary, Global Restoration Holdings (“Global”), has recently acquired four regional restoration companies, including Perfection Property Restoration (“Perfection”), Catastrophe Cleaning & Restoration Co. (“CATCO”), ASR Property Restoration (“ASR”) and JPL Disaster Recovery (“JPL”) to join its existing brands, Interstate Restoration, FirstOnSite Restoration and Super Restoration. These acquisitions continue to build upon Global’s operational expertise and further expand its North American geographic footprint and large loss and commercial recovery & restoration service capabilities. The leaders of each of these businesses will continue to run their respective day-to-day operations. Terms of the transactions were not disclosed.

Founded in 1993, based in Freeport, Illinois and led by President David Heitman, Perfection is a full-service restoration provider with six offices in Illinois, Iowa and Wisconsin. Perfection provides Global with a regional platform in the Chicago market, the third largest metropolitan area in the U.S.

CATCO, established in 1981 and headquartered in St. Louis, Missouri under the leadership of President & CEO, Michael Hammack, specializes in professional property remediation and restoration services throughout the greater St. Louis and Kansas City metro areas. CATCO deepens Global’s presence in the Midwest U.S. region, together with the addition of Perfection’s operations.

ASR, founded in 2008 by its CEO, Kirk Prouse, provides commercial restoration and reconstruction services in Ventura County, California. ASR’s operations will enhance Global’s existing southern California footprint, serving the large Los Angeles metropolitan market and surrounding areas.

Lastly, JPL, founded in 1966, based in Gatineau, Quebec and led by President, Earl Laforest, is a provider of restoration and reconstruction services which expands Global Restoration’s existing Canadian operations, particularly in the Quebec and Ottawa markets.

“We are delighted to have added these four businesses and their strong leaders and operators to increase our presence in highly populated, growing regions across North America,” said Jeff Johnson, Chairman of Global. “These transactions are part of our long-term strategy to both expand and deepen our capabilities across North America so that we are well-positioned to better serve our local, regional and national clients with a broader service offering.”

ABOUT FIRSTSERVICE CORPORATIONFirstService 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 US$2 billion in annual revenues and has approximately 22,000 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 the NASDAQ and the Toronto Stock Exchange under the symbol "FSV". More information is available at www.firstservice.com.

COMPANY CONTACT:

Jeremy RakusinCFOFirstService Corporation(416) 960-9500

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