FirstService expands Commercial Real Estate Services platform in U.S. Northeast



    Boston-based Meredith & Grew, one of New England's largest and most
    established firms, joins FirstService to add strength in key regional
    market

    TORONTO, Sept. 5 /CNW/ - FirstService Corporation (NASDAQ:   FSRV; TSX: FSV
and FSV.PR.U) today announced that it has expanded its Commercial Real Estate
Services platform by acquiring an 80% interest in Boston-based Meredith &
Grew, with senior management and certain key employees retaining the balance
of equity. The terms of the transaction were not disclosed. All dollar amounts
noted are in U.S. dollars.
    Founded in 1875, Meredith & Grew is one of the leading full service
commercial real estate services providers in New England. With more than
140 professionals operating in the greater Boston region, Meredith & Grew
advised on more than $2.7 billion in commercial real estate transactions
during the past twelve months, including leasing, sale and capital markets
transactions, and manages more than seven million square feet of commercial
property. During the last twelve months, Meredith & Grew generated
approximately $40 million in revenue. For additional information on Meredith &
Grew please visit its website at www.m-g.com.
    "Partnering with Meredith & Grew is a key strategic move for our rapidly
growing commercial real estate services platform," said Scott Patterson,
President and COO of FirstService Corporation. "M&G is a highly regarded
institution in the New England region with more than 130 years experience, an
outstanding leadership team and a strong group of professionals. With the
addition of M&G, our commercial real estate services platform now operates
from more than 157 offices, in 26 countries around the world and generates
annual revenue in excess of $750 million."
    "We are very excited to partner with FirstService where we will enjoy the
management incentive that comes with maintaining a significant ownership
interest in the business, while having the decision-making authority to
continue to grow and develop our business in the future as we have in the
past," said Tom Hynes, Chairman & CEO of Meredith & Grew. "We will also
benefit from having access to the resources and capabilities of a large global
organization including enhanced information technology capabilities and
systems, unique industry-leading training programs and a variety of other
specialized management tools that will help us better service our clients and
accelerate our growth. We could not have found a better strategic partner."
    "Our significant investment in Meredith & Grew is an important part of
our vision to become one of the top global players in commercial real estate
services," said Jay Hennick, Founder and Chief Executive Officer of
FirstService. "Our proven partnership model continues to be a key competitive
advantage in building our business. With quality management teams that have
direct ownership in the operations they manage day-to-day, like those of
Meredith & Grew, we will continue to create value for all stakeholders over
the long term."

    About FirstService Corporation
    ------------------------------
    FirstService is a leader in the rapidly growing property services sector,
providing services in the following areas: commercial real estate; residential
property management; property improvement; and integrated security services.
Market-leading brands include Colliers International in commercial real
estate; The Continental Group, the Wentworth Group and The Merit Companies in
residential property management; California Closets, Paul Davis Restoration,
Pillar to Post Home Inspections, and Certa Pro Painters brands in property
improvement; and Intercon Security and Security Services & Technologies in
integrated security.
    FirstService is a diversified property services company with more than
US$1.6 billion in annualized revenues and more than 16,000 employees
worldwide. More information about FirstService is available at
www.firstservice.com.

    FORWARD-LOOKING STATEMENTS

    Certain statements included in this release constitute "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of FirstService, or industry 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 FirstService's services, service
industry conditions and capacity; 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 the Canadian
regulatory authorities.





For further information:

For further information: For: FirstService Corporation: Jay S. Hennick,
Founder & CEO, (416) 960-9500; D. Scott Patterson, President and COO, (416)
960-9500; For: Meredith & Grew, Incorporated: Thomas J. Hynes, Jr., Chairman &
CEO, (617) 330-8000

Organization Profile

FIRSTSERVICE CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890