FirstService Residential Further Enhances Market Leadership Position in Florida
Acquires Rizzetta & Company
TORONTO, Feb. 27, 2024 (GLOBE NEWSWIRE) -- FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that FirstService Residential, the North American property management leader, has recently acquired a controlling interest in Rizzetta & Company (“Rizzetta” or the “Company”). William “Bill” Rizzetta, Founder and President, will retain a significant equity stake in the Company and will continue to lead its operations. Terms of the transaction were not disclosed.
Based in Tampa, Florida and founded in 1986, Rizzetta is a leading full-service provider of consulting and property management services to homeowner associations and community development districts (“CDDs”) through eight offices across Florida. A CDD is a special-purpose local government district created under Florida state legislation to efficiently manage the local urban infrastructure and specific development services of a new community. The CDD structure provides the ability to finance these developments via tax-free municipal bonds for the benefit of community residents. Rizzetta brings a particular expertise in district management services, which include assisting with community planning, bond issuance, administration, accounting, compliance and day-to-day operations.
“This is a key transaction which broadens our service offering and capabilities as the residential property management market leader in Florida,” said David Diestel, Chief Executive Officer of FirstService Residential. “CDDs require tailored expertise given their quasi-government nature and Rizzetta possesses these specific capabilities. We welcome Bill and his team and look forward to adding their strong experience and reputation in working with municipalities, developers and boards to deliver value to our clients and drive further growth in the Florida market,” he concluded.
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 $4.3 billion in annual revenues and has approximately 29,000 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.
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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, 2023 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 CONTACT:
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9566
