FirstService Expands Large Loss And Commercial Restoration Platform
July 02 2020 - 6:00AM
FirstService Corporation (TSX and NASDAQ: FSV) announced today that
its subsidiary, Global Restoration Holdings (“Global” or the
“Company”), has acquired Rolyn Companies, Inc. (“Rolyn”), a leading
commercial and large loss restoration services provider in the
Mid-Atlantic region of the United States. The founders and
executive leaders of Rolyn will continue to hold a minority stake
and oversee day-to-day operations. Terms of the transaction were
not disclosed.
Founded in 1982 and headquartered in Rockville,
Maryland within the Washington D.C. metropolitan area, Rolyn
provides full-service emergency response, recovery, decontamination
and infection control and restoration services to a wide variety of
commercial end markets, with a focus on the healthcare,
hospitality, government and education sectors. Led by Sam Bergman,
Co-Founder and CEO, Mark Futrovsky, President, and Ronald Bergman,
Co-Founder and Chairman, the company employs approximately 150
associates operating out of nine offices spanning from Maryland,
Pennsylvania, Virginia and North Carolina within the Mid-Atlantic
region, to Georgia, Florida and Texas within the Southeastern
U.S.
“We are excited to be partnering with Global and
FirstService,” said Sam Bergman, CEO of Rolyn. “We are fortunate to
have found an organization that is strongly aligned with our
culture and client service focus. Our leadership team and dedicated
employees look forward to the many opportunities of joining forces
with a national market leader like Global.”
“This transaction advances our strategy of
enhancing Global’s geographic footprint to better serve national
clients by expanding our presence along the Mid-Atlantic coast,
while increasing our existing scale in the Southeast,” said Stacy
Mazur, CEO of U.S. operations at the Company. “Rolyn’s expertise
particularly in healthcare, as well as several other commercial
verticals, deepens our capabilities and service offering in these
industry sectors,” he concluded.
“I would like to welcome the senior leaders and
the entire Rolyn team to our organization,” said Jeff Johnson,
Executive Chairman of Global. “We are delighted to have finalized
this transaction in advance of our pending national re-branding
launch early next year. The addition of Rolyn is a key strategic
move in our drive towards furthering our market leadership
position.”
ABOUT FIRSTSERVICE
CORPORATIONFirstService Corporation is a North
American leader in the essential outsourced 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 $2.4 billion in annual
revenues and has approximately 24,000 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".
For the latest news from FirstService
Corporation, visit www.FirstService.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
information and forward-looking statements within the meaning of
applicable Canadian and U.S. securities laws. Much of this
information can be identified by words such as “expect to,”
“expected,” “will,” “estimated” or similar expressions suggesting
future outcomes or events. FirstService believes the expectations
reflected in such forward-looking information and statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking information and
statements should not be unduly relied upon. Forward-looking
information and statements are based on current information and
expectations that involve a number of risks and uncertainties,
which could cause actual results or events to differ materially
from those anticipated. These risks include, but are not limited
to, the risks related to FirstService’s business, including those
identified in FirstService’s annual information form for the year
ended December 31, 2019 under the heading “Risk factors” (a copy of
which may be obtained at www.sedar.com or as part of FirstService’s
Form 40-F at www.sec.gov). Forward-looking information and
statements contained in this news release are made as of the date
hereof and are subject to change. All forward-looking information
and statements in this news release are qualified by these
cautionary statements. Except as required by applicable law,
FirstService undertakes no obligation to update any forward-looking
information and statement, whether as a result of new information,
future events or otherwise.
COMPANY CONTACTS:
D. Scott PattersonPresident &
CEOFirstService Corporation(416)
960-9566
Jeremy
RakusinCFOFirstService
Corporation(416) 960-9566
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