Press release from GlobeNewswire (a Nasdaq OMX company)
FirstService Strengthens Dutch Operations
Thursday, November 18, 2010
TORONTO, Nov. 18, 2010 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) (TSX:FSV.PR.U) today announced that its subsidiary, Colliers International, has acquired a majority interest in one of Amsterdam's leading commercial real estate services firms, Boer Hartog Hooft (BHH) and merged its operations with the Colliers offices in the region.
Founded in 1893, BHH is the oldest commercial real estate firm in the Netherlands and is one of the market leaders in Amsterdam serving private, public and institutional clients in the region for more than 100 years. With more than 40 real estate service professionals, BHH will rebrand as Colliers International and will integrate its operations with the existing Colliers offices in the region. Colliers International provides a full range of commercial brokerage, consulting, advisory and valuation services to national and international clients.
"We are delighted to partner with BHH and to have them operating under the Colliers International brand going forward," said Chris McLernon, Chief Executive Officer, Colliers International EMEA, "Their strength and depth of services, combined with our existing operations, offers clients the best of all worlds: local knowledge and strong execution on a national scale combined with the global resources of the third largest provider of commercial real estate services in the world. Having a strong market position in Amsterdam is essential to our strategy in the Netherlands and this new partnership will allow us to accelerate our growth throughout the region."
"Our long and successful track record will be enhanced significantly with our new partnership," said Jaap van Rhijn, formerly Managing Partner of BHH and now CEO of Colliers International in the Netherlands. "As continuing shareholders our team is empowered to make strategic and operational decisions as we work with our new partners at Colliers International toward our common goal of providing enterprising real estate services on a global scale. We're confident our clients and employees will benefit from the resources, capabilities and global reach of one of the world's largest commercial real estate services companies."
"The acquisition of BHH is another example of how best-in-class firms are attracted to the Colliers International brand and proven partnership model," said Jay S. Hennick, Founder and CEO of FirstService. "Investing in important global markets is a key part of our growth strategy and partnering with the top executives of BHH in the Netherlands will further strengthen our presence in Western Europe."
FirstService Corporation is a global diversified leader in the rapidly growing property services sector, providing services in the following three areas: commercial real estate, residential property management; and property services. The industry-leading service platform includes Colliers International, the 3rd largest global player in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and TFC, North America's largest provider of property services through franchise and contractor networks.
FirstService generates about US $2 billion in annualized revenues with over 18,000 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: FirstService Corporation Jay S. Hennick, Founder & CEO (416) 960-9500 John B. Friedrichsen, Senior Vice President & CFO (416) 960-9500