FirstService Expands Large Loss And Commercial Restoration Platform
Global Restoration Acquires Rolyn Companies
TORONTO, July 02, 2020 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) announced today that its subsidiary, Global Restoration Holdings (“Global” or the “Company”), has acquired Rolyn Companies, Inc. (“Rolyn”), a leading commercial and large loss restoration services provider in the Mid-Atlantic region of the United States. The founders and executive leaders of Rolyn will continue to hold a minority stake and oversee day-to-day operations. Terms of the transaction were not disclosed.
Founded in 1982 and headquartered in Rockville, Maryland within the Washington D.C. metropolitan area, Rolyn provides full-service emergency response, recovery, decontamination and infection control and restoration services to a wide variety of commercial end markets, with a focus on the healthcare, hospitality, government and education sectors. Led by Sam Bergman, Co-Founder and CEO, Mark Futrovsky, President, and Ronald Bergman, Co-Founder and Chairman, the company employs approximately 150 associates operating out of nine offices spanning from Maryland, Pennsylvania, Virginia and North Carolina within the Mid-Atlantic region, to Georgia, Florida and Texas within the Southeastern U.S.
“We are excited to be partnering with Global and FirstService,” said Sam Bergman, CEO of Rolyn. “We are fortunate to have found an organization that is strongly aligned with our culture and client service focus. Our leadership team and dedicated employees look forward to the many opportunities of joining forces with a national market leader like Global.”
“This transaction advances our strategy of enhancing Global’s geographic footprint to better serve national clients by expanding our presence along the Mid-Atlantic coast, while increasing our existing scale in the Southeast,” said Stacy Mazur, CEO of U.S. operations at the Company. “Rolyn’s expertise particularly in healthcare, as well as several other commercial verticals, deepens our capabilities and service offering in these industry sectors,” he concluded.
“I would like to welcome the senior leaders and the entire Rolyn team to our organization,” said Jeff Johnson, Executive Chairman of Global. “We are delighted to have finalized this transaction in advance of our pending national re-branding launch early next year. The addition of Rolyn is a key strategic move in our drive towards furthering our market leadership position.”
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 $2.4 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".
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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 or as part of FirstService’s Form 40-F at ). 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 CONTACTS:
D. Scott Patterson
President & CEO
FirstService Corporation
(416) 960-9566
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566
