Partners with senior management team in regional market leader
TORONTO, June 18 /CNW/ - FirstService Corporation (NASDAQ: FSRV;
TSX: FSV) today announced that its subsidiary, Colliers Macaulay Nicolls Inc.
("Colliers CMN"), which operates globally as Colliers International, has
acquired a majority interest in Colliers Monroe Friedlander ("Colliers
Hawaii"), with senior management, active brokers and employees retaining the
balance of the equity. The terms of the transaction were not disclosed.
Founded in 1973, Colliers Hawaii is the leading commercial real estate
service provider across the Hawaiian Islands. With more than 100 professionals
operating from two offices, Colliers Hawaii advised on more than
US$600 million in commercial real estate transactions last year and manages
more than five million square feet of commercial property.
"Having worked with the senior managers and brokers of Colliers Hawaii
for many years, it was natural for us to partner with them to actively support
the long-term growth and development of their business," said Doug Frye, Chief
Executive Officer of Colliers CMN and Chairman of Colliers International.
"Colliers Hawaii is a market leader and an important gateway to the Pacific
Rim, positioning us to further capitalize on our significant and growing
business in Asia Pacific. By continuing to expand our business with quality
partners in key growth markets, we continue to improve our service offering to
our clients and accelerate their success."
"The shareholders of Colliers Hawaii are delighted by our new partnership
with Colliers CMN and FirstService," said Andrew Friedlander, Co-Founder and
Vice-Chairman of Colliers Hawaii. "Their significant global real estate
platform, proven track record and exceptional operating systems will help us
accelerate our growth both in the United States and throughout Asia Pacific.
In addition, the combination of Colliers CMN and FirstService provides us with
the resources of a leading global organization while preserving our
entrepreneurial culture and regional flexibility. We could not have found
"The acquisition of Colliers Hawaii represents continued progress in
growing our global commercial real estate services platform," said
Jay Hennick, Founder and Chief Executive Officer of FirstService. "Our proven
partnership model is a key competitive advantage in building our business.
With quality management teams as partners who share our values and commitment
to building the business, we are creating value for all stakeholders over the
About Colliers International
Colliers CMN (www.colliersmn.com) is a leading international real estate
services company that provides a full range of services to commercial real
estate users, owners and investors worldwide, including brokerage, property
management, hotel investment sales and consulting, corporate services,
valuation, consulting and appraisal services, mortgage banking and research.
Through greater knowledge and specialization, Colliers CMN strives to
accelerate the success of all its clients, partners, professionals, management
and staff. With annualized revenues in excess of US$700 million, and 157
offices in 26 countries worldwide, Colliers CMN is the largest member of the
Colliers International Property Consultants ("CIPC") global network, one of
the top three commercial real estate service organizations in the world. The
CIPC global network has 266 offices in 56 countries worldwide (129 in the
Americas, 85 in Europe, Middle East and Africa and 52 in Greater Asia).
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 systems.
Market-leading brands include Colliers International in commercial real
estate; The Continental Group, The Wentworth Group, and The MERIT Companies in
residential property management; Consumer brands California Closets, Paul
Davis Restoration, Pillar to Post Home Inspections, Certa Pro Painters and
Handyman Connection in property improvement; and Intercon Security and
Security Services & Technologies in integrated security.
FirstService is a diversified service company with more than
US$1.5 billion in annual revenues and more than 16,000 employees worldwide.
More information about FirstService is available at www.firstservice.com.
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 the 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; John B. Friedrichsen, Senior Vice President and
CFO, (416) 960-9500; FOR: COLLIERS INTERNATIONAL, Douglas P. Frye, Chairman,
Colliers International, (206) 223-0866; Richard Chichester, President,
Colliers North America, (213) 627-1214