FirstService Expands Leading Positions in Southern California
These transactions add more than 450 homeowner association properties and over 100,000 units to FirstService Residential’s growing property management portfolio, which now totals approximately 7,000 properties comprising over 1.6 million residential units throughout North America. The two businesses generate annual revenues of approximately $15 million. Terms of the transactions were not disclosed.
Founded in 1986, Euclid is the premier third-party provider of residential property management services in the Inland Empire and Santa Clarita regions of Southern California, with 234 properties and 38,000 units under management. Euclid’s owner and President, Glennon Gray, will retain a significant equity interest in the business and will continue to lead day-to-day operations. “Euclid is one of the highest regarded property management firms in Southern California and we are delighted to be welcoming the firm into the FirstService family. This acquisition is an exceptional fit with our existing operations in California, not only expanding our presence in the region, but further advancing our leadership position in California, the largest regional residential market in North America”, said Chuck Fallon, CEO of FirstService Residential. “We look forward to working with Glennon and his entire team to add value to their extremely high quality roster of clients across the state of California.”
FirstService also acquired San Antonio, Texas-based Association Management Services (AMS), which was founded in 1992 and has since grown to become the largest residential property management firm in that market, managing over 220 properties comprised of over 66,000 units. Barbara Lowry, Founder and a true industry leader, will continue to lead the Company’s day-to-day operations as President. “AMS has long been considered the market leader in San Antonio and has been widely recognized as providing exceptional client service. We’re excited about working with Barbara and her extremely capable management team in building on their excellent reputation in this new regional market for FirstService Residential, and enhancing the value proposition for their clients in San Antonio, while helping AMS continue to grow in South Texas.” said Chuck Fallon.
ABOUT FIRSTSERVICE CORPORATION
FirstService Corporation is a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. FirstService manages more than 2.5 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International - one of the largest global players in commercial real estate services; 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$2.5 billion in annual revenues and has more than 24,000 employees world-wide. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders since becoming a publically listed company in 1993. The common shares of FirstService trade on the NASDAQ under the symbol “FSRV” and on the Toronto Stock Exchange under the symbol “FSV”.
More information is available at www.firstservice.com.
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