TORONTO, June 06, 2024 (GLOBE NEWSWIRE) — FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that its subsidiary, Roofing Corp of America (“RCA”), has acquired Crowther Roofing and Cooling (“Crowther”) and Hamilton Roofing (“Hamilton”). The additions of Crowther and Hamilton provide RCA with a strong new presence in the important Florida market and will collectively add more than $150 million in annual revenues. The existing management teams of both businesses have retained minority equity interests and will continue to oversee their respective day-to-day operations. Terms of the two transactions were not disclosed.
Headquartered in Fort Myers, Florida and founded in 1974, Crowther is the leading roofing services provider in Southwest Florida, with a particular focus on the commercial end market. Crowther also provides complementary HVAC maintenance and mechanical contracting services. Crowther operates from three regional branch locations and employs approximately 750 roofing installation and service technicians.
Established in 1983 with its head office in Malabar, Florida, Hamilton is the leading provider of commercial roofing services across Eastern Florida’s Space Coast. Hamilton has developed long-established relationships with major blue-chip commercial clients spanning the government, aerospace and education sectors.
“Florida is one of the largest roofing markets in North America and a strategic growth priority for us. These two transactions provide RCA with an immediate significant presence in this key geographic region,” said Randy Korach, CEO of RCA. “We are excited to add Crowther and Hamilton to RCA’s growing family of roofing services brands and welcome their leaders and teams to our organization.”
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 company-owned operations and franchise systems.
FirstService generates more than US$4.4 billion in annual revenues and has approximately 30,000 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”, and are included in the S&P/TSX 60 index.
For the latest news from FirstService Corporation, visit www.firstservice.com.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements” within the meaning of applicable securities legislation, including, but not limited to, the expected closing of the proposed transaction, the impact of the proposed transaction on FirstService’s business and future financial and operating results and the scope of the expected financing for the proposed transaction. 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 statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.
Forward-looking 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, risks that: FirstService is unable to promptly and effectively integrate RCA’s businesses; management’s time and attention is diverted on transaction-related issues; FirstService or RCA is unable to retain key personnel; and other risks related to FirstService’s business, including those identified in FirstService’s annual information form for the year ended December 31, 2023 under the heading “Risk factors” (a copy of which may be obtained at www.sedarplus.ca) and Annual Report on Form 40-F filed with the United States Securities and Exchange Commission (a copy of which may be obtained at www.sec.gov), and subsequent filings. Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press release are qualified by these cautionary statements. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this press release to reflect subsequent information, events, results or circumstances or otherwise.
COMPANY CONTACTS:
D. Scott Patterson
CEO
FirstService Corporation
(416) 960-9566
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566
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