TORONTO, Jan. 14, 2016 (GLOBE NEWSWIRE) — FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”) announced today that its California Closets business has further expanded its company-owned operations with the acquisition of its Los Angeles franchise. California Closets is a unit of FirstService subsidiary, FirstService Brands, and is the leading North American provider of closet and home storage solutions with 80 franchised and corporate-owned locations. Terms of the transaction were not disclosed.
“This transaction advances our strategy of acquiring California Closets franchises in certain key markets and integrating them with our existing company-owned platform,” said Charlie Chase, President & CEO of FirstService Brands. “We now have a dozen corporate-owned locations which are being configured with our centralized manufacturing facility in Phoenix to drive greater efficiencies and profitability.”
“We are excited with the prospects of owning a key market like Los Angeles,” said Bill Barton, President & CEO of California Closets. “We gain a foothold in a marquee, fast-growing territory which has significant potential for further market share penetration through our industry-leading brand,” he concluded.
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 more than $1.2 billion in annual revenues and has more than 15,000 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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CONTACT: COMPANY CONTACT: Jeremy Rakusin CFO FirstService Corporation (416) 960-9500