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FirstService Adds Restoration Tuck-Under Acquisitions

January 10, 2024 at 07:30 AM EST

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

TORONTO, Jan. 10, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) today announced that it has recently completed three restoration tuck-under acquisitions. Terms of the transactions were not disclosed.

First Onsite Restoration acquired Dayton, Ohio-based DryPatrol LLC. Founded in 2007, the company is one of the largest providers of full service commercial restoration services in Dayton and the surrounding region. DryPatrol renders water and flood mitigation, as well as mold, fire and environmental restoration services to property managers and other commercial clients across southwestern Ohio.

Paul Davis Restoration added to its company-owned platform by acquiring two of our existing franchised operations, one of which serves the Denver, Colorado metropolitan area and the other which covers urban markets across southern Idaho. As with our other Paul Davis operations, these businesses are full-service restoration providers to residential and commercial properties. The acquisitions complement our existing Paul Davis company-owned operations in Utah and Nevada and enhance our ability to drive growth across the Mountain States region.

“These additions reflect our ongoing commitment to invest in key markets which are susceptible to weather-related property and large loss claims,” said Scott Patterson, Chief Executive Officer of FirstService. “We are excited to work with the management teams to capitalize on our future opportunity in these markets.”

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 approximately US$4.3 billion in annual revenues and has more than 27,000 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 Common Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol "FSV", and are included in the S&P/TSX 60 Index. More information is available at www.firstservice.com.

For the latest news from FirstService Corporation, visit FirstService.com.

COMPANY CONTACTS:

Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566