TORONTO, Jan. 10, 2017 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”) today announced that its Paul Davis Restoration (“PDR”) business has further expanded its company-owned operations through the acquisition of Paul Davis National (“PDN”), a specialized commercial and large loss operation within PDR. The acquisition represents the fourth addition to PDR’s rapidly growing company-owned platform. The terms of the transaction were not disclosed.
Previously owned in partnership by several PDR franchisees, PDN was established in 2005 to service emergency large-scale disasters which typically require specialized equipment and a highly coordinated effort among PDR’s 370 operations across North America. Daniel Druml and Chip Bifano will remain in their roles as CEO and President, respectively, and continue to lead day-to-day operations.
“Joining Paul Davis Restoration’s company-owned platform was a natural strategic fit for us given the geographic breadth and resource-intensive nature of our business,” said Daniel Druml, CEO of Paul Davis National. “The transaction will enable us to better leverage FirstService’s collective scale, resources and relationships to provide our clients and franchisees across the continent with an enhanced level of service and a broader range of value-added programs and capabilities delivered seamlessly through one platform.”
“Our goal is to provide our corporate and national insurance company clients with consistent and streamlined disaster recovery and restoration services from our company-owned operations,” said Rich Wilson, CEO of Paul Davis Restoration. “The addition of Paul Davis National, with its nationwide footprint of strategically deployed specialty equipment and vehicles together with its experienced team of professionals, significantly enhances our service capacity and response times in addressing large catastrophes. We look forward to working closely with Dan and Chip and their entire management team as we expand relationships with our clients across North America,” he concluded.
ABOUT PAUL DAVIS RESTORATION
Paul Davis Restoration is a provider of residential and commercial restoration services primarily serving the insurance industry in the U.S. and Canada through 370 franchises and four company-owned operations. Paul Davis provides full-service water, fire and mold cleanup, construction rebuild and restoration services for property damaged by natural or man-made disasters. Paul Davis Restoration is one of several property service businesses owned within the FirstService Brands division of FirstService Corporation.
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 $1.4 billion in annual revenues and has more than 17,000 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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