Press release from GlobeNewswire (a Nasdaq OMX company)
FirstService Acquires Association Management, Inc.
Thursday, December 09, 2010
FirstService Acquires Association Management, Inc.04:30 EST Thursday, December 09, 2010 TORONTO, Dec. 9, 2010 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) (TSX:FSV.PR.U) today announced that it continued to increase the size and breadth of its residential property management business -- this time through the acquisition of an 80% interest in Association Management, Inc., (AMI) Houston's largest and most prestigious residential property management company. David & Glenda Regenbaum, Founders & Officers of AMI, will retain the balance of the equity and will continue to manage day-to-day operations. During the last 12 months, AMI generated more than $13 million in revenues. Terms of the transaction were not disclosed. "Establishing a leading market position in Houston was a strategic priority for us and complements our market leadership in Dallas making us the leading residential property management operation in Texas," said Gene Gomberg, CEO of FirstService Residential. "AMI is the uncontested leader in Houston and we have long considered their excellent management team the gold standard in the market. We look forward to working with all of the professionals of AMI to enhance the value proposition to their clients, while also advancing our position as North America's leader in residential property management." "I am very excited to be joining FirstService and its highly successful residential property management group. Our team was attracted by their proven track record and successful partnership philosophy," said David Regenbaum, Founder and Chief Executive Officer of AMI. "FirstService has a long history of attracting top industry leaders who retain significant interests in the companies they operate, while also participating in a performance-based culture focused on differentiating their services from those of their competitors. We are just thrilled to finally partner with such an exceptional group of professionals," he concluded. Founded in 1979, AMI manages more than 240 low, mid, high-rise residential and commercial associations representing over 70,000 homes in the greater Houston market. With the addition of AMI, FirstService Residential extends its position as the largest residential property management firm in North America with more than 4,100 properties, representing over 1.1 million residences. Additional information on AMI can be found on their website at www.amitx.com.ABOUT FIRSTSERVICE 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 third 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 and has over 18,000 employees worldwide. More information about FirstService is available at www.firstservice.com.Forward-looking Statements 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 John B. Friedrichsen, Senior Vice President & CFO (416) 960-9500 FirstService Residential Gene Gomberg, CEO (954) 926-2927