FirstService Further Expands Market Leading Residential Property Management Operations
TORONTO, Ontario, April 18, 2011 – FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U) today announced it has increased the size and breadth of its market leading residential property management business in British Columbia and North and South Carolina with the acquisitions of Vancouver Condominium Services Ltd. and Abbott Enterprises Inc. The acquisitions add a total of 30,000 units to FirstService’s portfolio that includes over 4,800 properties comprising 1.2 million residential units. Terms of the two transactions were not disclosed.
“Expanding our presence in Canada continues to be a strategic priority for us. The acquisition of Vancouver Condominium, with its stellar reputation as one of Vancouver’s premier property management firms, fits well within our Canadian growth plans” said Gene Gomberg, CEO of FirstService Residential. “This acquisition solidifies our position as the market leader in the Province of British Columbia. We look forward to working with Gerry Fanaken, Founder & Chief Executive Officer, and his entire management team to add value to Vancouver Condominium’s high quality roster of clients.”
Concurrently, FirstService also acquired an 80% interest in Abbott Enterprises, one of the oldest and most well respected residential property management firms in North and South Carolina. Dennis Abbott, Founder & Chief Executive Officer of Abbott Enterprises, will retain the balance of the equity and will continue to manage day-to-day operations. “Dennis is well known in the industry and is a leader at the Community Associations Institute (“CAI”), the leading national organization of community association management companies.” said Gene Gomberg. “Abbott Enterprises has an excellent reputation in the Carolinas and we look forward to working with Dennis and his capable management team to enhance the value proposition to clients in this region of the country.”
FirstService Corporation is a global diversified leader in the rapidly growing property services sector, providing services in commercial real estate, residential property management and property services. Industry-leading service platform includes Colliers International, the third largest global player in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and TFC, North America’s largest provider of property services through franchise and contractor networks.
FirstService generates US$2 billion in annualized revenues and has more than 20,000 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.