TORONTO, Sept. 9, 2010 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) (TSX:FSV.PR.U) today announced it has increased the size and breadth of its market leading residential property management operations with the addition of Condominium First Management Services, Alberta's largest provider of residential property management services. The acquisition is FirstService Residential's first expansion outside of the United States. With offices in Calgary, Fort McMurray and Canmore, Alberta, Condominium First generated more than $7 million in revenues for the fiscal year ended July 31, 2010. Terms of the transaction were not disclosed.
"All of us at Condominium First are delighted to be joining FirstService Residential and its market leading property management platform," said Don Davies, CEO of Condominium First Management. "FirstService's proven track record of providing high quality service to clients, cutting-edge operating systems and proprietary programs will enable us to provide greater value to our clients and accelerate our growth in the years to come. We could not have found a better partner to help take our business to the next level."
"Expanding into the Canadian market has been a strategic priority for us." said Gene Gomberg, CEO of FirstService Residential. "The addition of Condominium First, with its exceptional management team and leading market position in one of Canada's fastest growing markets, fits perfectly into our North American growth plan. It is also the first step in our strategy for expanding our operations outside of the United States. We look forward to working with Don Davies and his exceptional management team to enhance their service offerings and create incremental value for their clients while creating significant new career opportunities for their key people. "
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 third 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 U.S. $1.8 billion in annualized revenues and has 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.