FirstService Expands Into Commercial Property Association Management
TORONTO and ALISO VIEJO, Calif., Jan. 7, 2013 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) (TSX:FSV.PR.U) today announced that its subsidiary, Merit Property Management, an operating unit of FirstService Residential, has acquired Mar West Real Estate, one of the leading providers of commercial property association management services in the western U.S., with operations in California, Arizona and Nevada. The acquisition adds a total of 160 commercial property associations totalling more than 50 million square feet of office, industrial and medical properties. Terms of the transaction were not disclosed.
Founded in 2003 by entrepreneurs Craig Stevens and April Buchner, Mar West has built an excellent reputation providing consulting and management services to developers and owners of commercial property associations. "Our entire team is thrilled to be joining Merit and FirstService and we look forward to leveraging the entire FirstService platform to provide our clients with a higher level of service together with value-added programs that will further differentiate us from our competition," said John Strockis, who has been promoted from President to CEO of Mar West Real Estate and will continue to lead day-to-day operations.
"Mar West Real Estate has long been regarded as the gold standard in the commercial property association management industry. Integrating them into our existing operations will not only complement our services, but will help us expand our existing commercial property association management operations in the West," said Bob Cardoza, CEO of Merit Property Management. "We look forward to working with John and his team to enhance service offerings, create additional value and provide career opportunities for their people."
"Over the last decade, the commercial property association management industry has evolved to a stage where increasingly, services are being required on a national basis by market leaders, including national procurement, energy efficiency, and other enhanced property service programs. FirstService is not only the leader in residential association management with over 5,700 properties and more than 1.3 million residential units under management; it is also one of the leading global players in commercial real estate through Colliers International. This powerful combination will not only take Mar West to the next level, but will provide another significant growth opportunity as we leverage our best practices and build value for FirstService shareholders," said Jay S. Hennick, Founder & CEO of FirstService Corporation.
FirstService Corporation is a global leader in the rapidly growing real estate services sector, providing a variety of services in commercial real estate, residential property management and property services. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International, one of the largest global players in commercial real estate; FirstService Residential, the largest manager of residential communities in North America; and Property Services, one of North America's largest providers of property-related services delivered through franchise and contractor networks.
FirstService generates over US$2.3 billion in annual revenues and has more than 23,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
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.
CONTACT: John B. Friedrichsen Senior Vice President & CFO FirstService Corporation (416) 960-9500 Bob Cardoza CEO Merit Property Management (949) 448-6016