FirstService Acquires Curry Association Management
Adds Kansas City's Largest Residential Property Management CompanyTORONTO, Oct. 15, 2013 -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) announced today that its market leading residential property management business, FirstService Residential, has acquired Curry Association Management, a division of Curry Investment Company, and Missouri's largest residential property management company. Christine Lentz, President of Curry Association Management, will continue to lead day-to-day operations of its Kansas City-based operations. Terms of the transaction were not disclosed.
"Establishing a leading position in the Kansas City market was a strategic priority for us and helps to reinforce our market leading presence throughout North America," said Chuck Fallon, CEO of FirstService Residential. "Curry Association Management has long been regarded as the leading property management firm in Kansas City and throughout Missouri. We are very excited to have them join the FirstService Residential family and look forward to working closely with Christine and her team to add increasing value to their client base."
"Our management team is delighted to be joining FirstService Residential and its industry leading residential property management platform," said Christine Lentz. "FirstService's proven track record of providing best-in-class service to clients, industry-leading technology, and proprietary programs will enable us to immediately enhance the value proposition to our clients and accelerate our growth in the years to come. We could not have found a better partner to help take our business to the next level."
Founded in 1984, Curry Association Management manages over 140 associations representing 30,000 units throughout the Kansas City Metropolitan area. With the addition of Curry Association Management, FirstService Residential extends its position as the largest residential property management firm in North America with more than 6,000 properties, representing over 1.5 million residences across the continent.
FirstService Corporation is a global leader in the rapidly growing real estate services sector. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its industry-leading service platforms: Colliers International, one of the top global players in commercial real estate, and FirstService Residential, the largest manager of residential communities in North America, and a leading provider of essential property services delivered through franchise systems and company-owned operations.
FirstService generates over US$2.3 billion in annual revenues and has more than 23,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
Certain statements included in this release contain words such as "could", "expects", "expectations", "may", "anticipates", "believes", "intends", "estimates" and "plans" (and similar expressions) and constitute "forward-looking statements" within the meaning of applicable securities law. These statements are based on FirstService's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which FirstService and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which are difficult to predict and may cause the actual results, performance or achievements of FirstService, or outcomes or 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 and the cost of providing services; 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 Canadian regulatory authorities. These statements, although considered reasonable by FirstService at the date of this press release, may prove to be inaccurate and consequently FirstService's actual results could differ materially from its expectations as set out or implied in this release. Unless otherwise required by applicable securities laws, FirstService disclaims any intention or obligation to update or revise any forward-looking statements.
John B. Friedrichsen
Senior Vice President & CFO