FirstService Further Expands Market-Leading Position in Florida, Acquires Custom Property Management
TORONTO, Canada, September 8 – FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that it has expanded its market-leading residential property management business in Florida with the acquisition of Custom Property Management, one of the premier providers of residential property management services in West Palm Beach and surrounding areas. Dave Brown, who founded Custom in 1982, will continue to lead its day-to-day operations as President. The transaction will add over 16,000 units to FirstService Residential’s existing property management portfolio, which totals approximately 7,200 properties comprised of over 1.6 million residential units throughout North America. Terms of the transaction were not disclosed.
“This acquisition complements our existing market-leading operations in Palm Beach, Martin and Broward counties.” said Chuck Fallon, CEO of FirstService Residential. “Dave and his team share our passion for service excellence and for delivering outstanding value to clients making Custom a great fit within the FirstService Residential family.”
“We are thrilled to be joining FirstService and its industry-leading residential property management group,” said Dave Brown. “FirstService’s proven track record of success, leading-edge operating systems and proprietary programs will enable us to differentiate our service offering from those of competitors, adding tangible value to our clients while creating rewarding new opportunities for our staff,” he concluded.
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 more than $1.1 billion in annual revenues and has more than 15,000 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 Subordinate Voting Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV".
“This acquisition complements our existing market-leading operations in Palm Beach, Martin and Broward counties.” said Chuck Fallon, CEO of FirstService Residential. “Dave and his team share our passion for service excellence and for delivering outstanding value to clients making Custom a great fit within the FirstService Residential family.”
“We are thrilled to be joining FirstService and its industry-leading residential property management group,” said Dave Brown. “FirstService’s proven track record of success, leading-edge operating systems and proprietary programs will enable us to differentiate our service offering from those of competitors, adding tangible value to our clients while creating rewarding new opportunities for our staff,” he concluded.
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 more than $1.1 billion in annual revenues and has more than 15,000 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 Subordinate Voting Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV".