Adds Baltimore and South New Jersey to growing business
TORONTO, April 04, 2019 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that it has further expanded its California Closets company-owned operations with the acquisitions of its Baltimore and South New Jersey franchises. Following these transactions, California Closets now has 19 company-owned operations among its 80 total franchised territories. Terms of the transactions were not disclosed.
“We are delighted to add two strong-performing operations, which have been led by long-standing franchise owners, to our rapidly growing company-owned platform,” said Bill Barton, President & CEO of California Closets. “With the addition of the Baltimore franchise, which is adjacent to our existing Washington, D.C. operation, we are well-positioned to capitalize on our significant market opportunity. The South New Jersey franchise also provides a sizeable geographic footprint within close proximity to the New York metropolitan area, the largest U.S. market,” he added.
“These two acquisitions provide key market footholds in the attractive and growing Mid-Atlantic region,” said Charlie Chase, President & CEO of FirstService Brands. “Both operations will benefit from the migration of production into our eastern centralized manufacturing facility in Grand Rapids, Michigan and ongoing investments to increase capacity,” 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 US$1.9 billion in annual revenues and has more than 20,000 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".
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