FirstService Residential Extends Market Leadership Position in New York City
January 14 2021 - 6:30AM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that FirstService Residential, the North American
property management leader, has recently acquired Midboro
Management, LLC (“Midboro”). Michael Wolfe, President of Midboro,
has retained a minority equity interest and will continue to run
day-to-day operations. Terms of the transaction were not disclosed.
Founded in 1963, Midboro is one of the leading
residential property management firms in New York City, with 15,000
units under management across more than 150 condominium and
cooperative properties. With the addition of Midboro, FirstService
Residential’s New York operations will oversee more than 600
properties encompassing almost 100,000 units under management.
“This important transaction further bolsters our
position as the clear leader in the marquee New York City market,”
said Dan Wurtzel, President of FirstService Residential New York.
“Midboro has a long track record of success and an exceptional
reputation in New York City, particularly within the cooperative
property space. We are delighted to be partnering with Michael and
welcome his entire team who will continue to support the day-to-day
operations of the Midboro managed properties. We look forward to
bringing complementary capabilities to service our collective
client base and drive further growth in the New York market,” he
concluded.
ABOUT FIRSTSERVICE
CORPORATION
FirstService 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 more than $2.6 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 CONTACT:
Jeremy
RakusinCFOFirstService
Corporation(416) 960-9566
FirstService (TSX:FSV)
Historical Stock Chart
From Mar 2024 to Apr 2024
FirstService (TSX:FSV)
Historical Stock Chart
From Apr 2023 to Apr 2024