FirstService Expands Residential Property Management Operations
Acquires Condominium Concepts Management, Inc. and Community Management Group, LLC
TORONTO, Nov. 08, 2018 (GLOBE NEWSWIRE) — FirstService Corporation (NASDAQ: FSV; TSX: FSV) announced today that FirstService Residential has expanded its market-leading residential property management operations with the recent acquisitions of Condominium Concepts Management, headquartered in Atlanta, Georgia, and Community Management Group, based in Charleston, South Carolina. These transactions add more than 250 homeowner associations and 40,000 residential units to the company’s portfolio and further extend FirstService Residential’s leadership position of over 8,000 associations and 1.6 million residential units within its North American portfolio of properties under management. Terms of the transactions were not disclosed.
“These two key additions to our platform extend our leadership positions and further expand our geographic footprint in large, growing markets,” said Chuck Fallon, CEO of FirstService Residential. “We are delighted to be adding such highly respected organizations to the FirstService Residential family and look forward to working closely with the leadership teams at Condominium Concepts and Community Management Group to further enhance the value and service offerings delivered to their clients.”
Condominium Concepts Management, founded in 1994 and currently led by CEO Darlys Walker, is one of the leading residential property management firms in the south-eastern U.S. with particular strength in Atlanta, the ninth largest metropolitan market in the U.S., and surrounding areas. The company also manages properties in Florida, Tennessee and South Carolina. The acquisition enhances FirstService Residential’s footprint across the region and provides the company with a significant presence in the fast-growing Nashville, Tennessee market.
Community Management Group, established in 2005 and currently led by President Steve Peck, is one of the largest homeowner association management companies in South Carolina, especially in the greater Charleston metropolitan area. This acquisition establishes FirstService Residential as the clear market leader in South Carolina.
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 $1.8 billion in annual revenues and has more than 19,000 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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