TORONTO, April 19, 2010 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) (TSX:FSV.PR.U) today announced that its subsidiary, Colliers International, has acquired a significant ownership interest in Chicago's leading commercial real estate services firm, Colliers Bennett & Kahnweiler (Colliers B&K) establishing an important regional hub in the US Midwest to service its growing portfolio of global and national clients.
Colliers International, the third largest global player in commercial real estate services, has moved aggressively over the past two years to expand its international operations by acquiring significant global gateway businesses in New York (2008) and London (2009) while taking ownership and control of Colliers International. Earlier in 2010, FirstService Real Estate Advisors and Colliers International agreed to combine their operations under the "Colliers International" brand and transitioned from its roots as a decentralized network of affiliates to one centrally-owned business under the operation and control of FirstService.
The acquisition of Colliers B&K in Chicago strengthens Colliers International's U.S. platform and capability to serve local, regional, national and international clients based in the Midwest. Colliers B&K will have full access to Colliers International's best-in-class operating and technology platforms plus the financial resources of FirstService to support its growth and development in the years ahead. Colliers B&K will also adopt the FirstService partnership philosophy with its focus on cross platform collaboration, client accountability and performance-based compensation.
Founded in Chicago in 1947, Colliers B&K employs more than 200 real estate professionals and manages more than 50 million square feet of commercial property. In 2009 the firm completed 800 transactions with a value of $1.3 billion and generated revenues of $30.0 million. The current leadership will remain unchanged as a result of the investment.
"Our new partnership with Colliers International will allow us to provide a broader range of specialized services on a global scale and further accelerate our growth," said David Kahnweiler, Chairman of Colliers Bennett & Kahnweiler. "Local and national clients will continue to gain from our regional market knowledge and expertise while multi-national clients will benefit from the same knowledge and expertise on a global basis."
"Colliers International is committed to be a market leader in the US, including coverage of all major regional markets, as well as key financial centers around the world," said Doug Frye, Chairman and CEO of Colliers International. "We are very pleased to welcome the exceptional team at Colliers B&K to our growing real estate services platform."
Colliers International provides real estate services globally through more than 15,000 specialized professionals in over 480 offices in 61 countries including Colliers B&K. Colliers provides advice on more than $52 billion in transactions annually and, together with its affiliates, manages more than 1.5 billion square feet of commercial and residential properties globally.
"The acquisition of Colliers B&K is another example of the power of our proven partnership model to continue to attract strong management teams to FirstService," said Jay S. Hennick, Founder and CEO of FirstService. "Our partners receive access to the financial resources to grow, the operational best practices and technology to enhance their market offering, and the motivation to act on the entrepreneurial instincts that made them so successful in the first place."
ABOUT FIRSTSERVICE
FirstService Corporation is a global diversified leader in the rapidly growing property services sector, providing services in the following three areas: commercial real estate, residential property management, and property services. The industry-leading service platform includes Colliers International, the 3rd 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 more than US $1.7 billion in annualized revenues and over 18,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
Forward-looking Statements
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.