TORONTO, Sept. 23, 2014 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) announced today that it has expanded its market-leading residential property management business in key California and Texas markets with the acquisitions of Euclid Management Company and Association Management Services, respectively. These transactions add more than 450 home-owner association properties and over 100,000 units to FirstService Residential's growing property management portfolio, which now totals approximately 7,000 properties comprising over 1.6 million residential units throughout North America. The two businesses generate annual revenues of approximately $15 million. Terms of the transactions were not disclosed.
Founded in 1986, Euclid is the premier third-party provider of residential property management services in the Inland Empire and Santa Clarita regions of Southern California, with 234 properties and 38,000 units under management. Euclid's owner and President, Glennon Gray, will retain a significant equity interest in the business and will continue to lead day-to-day operations. "Euclid is one of the highest regarded property management firms in Southern California and we are delighted to be welcoming the firm into the FirstService family. This acquisition is an exceptional fit with our existing operations in California, not only expanding our presence in the region, but further advancing our leadership position in California, the largest regional residential market in North America," said Chuck Fallon, CEO of FirstService Residential. "We look forward to working with Glennon and his entire team to add value to their extremely high quality roster of clients across the state of California."
FirstService also acquired San Antonio, Texas-based Association Management Services (AMS), which was founded in 1992 and has since grown to become the largest residential property management firm in that market, managing over 220 properties comprised of over 66,000 units. Barbara Lowry, Founder and a true industry leader, will continue to lead the Company's day-to-day operations as President. "AMS has long been considered the market leader in San Antonio and has been widely recognized as providing exceptional client service. We're excited about working with Barbara and her extremely capable management team in building on their excellent reputation in this new regional market for FirstService Residential, and enhancing the value proposition for their clients in San Antonio, while helping AMS continue to grow in South Texas," said Chuck Fallon.
ABOUT FIRSTSERVICE CORPORATION
FirstService Corporation is a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. FirstService manages more than 2.5 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International - one of the largest global players in commercial real estate services; 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$2.5 billion in annual revenues and has more than 24,000 employees world-wide. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders since becoming a publically listed company in 1993. The common shares of FirstService trade on the NASDAQ under the symbol "FSRV" and on the Toronto Stock Exchange under the symbol "FSV". More information 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.