TORONTO, March 09, 2017 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”) announced today that it has acquired one of the largest franchised operations within its California Closets franchise system, encompassing the southern California areas in Orange County, Long Beach and Palm Desert (“California Closets Orange County”). Leslie, CEO, and Scott Seigel, President, co-founders and owners of California Closets Orange County, will continue to lead its day-to-day operations. Following this acquisition, California Closets now has 14 company-owned operations among its 80 total franchised territories. Terms of the transaction were not disclosed.
“The Orange County business has a long track record of leading operational performance within California Closets. We are delighted to add this marquee franchise and the strong team led by Leslie and Scott into our company-owned operations,” said Bill Barton, President & CEO of California Closets. “This acquisition significantly enhances our presence in key southern California markets and further buttresses our geographic breadth and scale along the U.S. west coast,” he concluded.
“California Closets Orange County represents a landmark addition to our company-owned operations,” said Charlie Chase, President & CEO of FirstService Brands. “Over the past 35 years, Leslie and Scott Seigel have been exceptional ambassadors of the California Closets brand, culminating in the growth of their business into a market-leading franchise. This transaction is a key step in further advancing our strategy of acquiring control of California Closets franchises in major North American markets and integrating them with our existing company-owned platform.”
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 $1.5 billion in annual revenues and has more than 17,000 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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COMPANY CONTACTS: Jeremy Rakusin CFO FirstService Corporation (416) 960-9500