Interstate Restoration and FirstOnSite Restoration to be Acquired by FirstService Corp
FORT WORTH, Texas, May 23, 2019 (GLOBE NEWSWIRE) — Global Restoration Holdings, LLC, the parent company to Interstate Restoration and FirstOnSite Restoration, announced today the signing of a definitive agreement to be acquired by the property services firm FirstService Corporation.
The new partnership strengthens the positions of Interstate Restoration and FirstOnSite Restoration as North American leaders in the disaster restoration services sector. The partnership also allows for compelling growth opportunities, and it continues to drive operational expertise across the enterprises in both the short and long term.
“Our team is excited to become part of the FirstService family,” said Jeff Johnson, executive chairman of Global Restoration. “The cultural alignment and shared vision allow our team to accelerate our growth as we deliver daily, world-class service to customers throughout North America.”
“This transaction represents another important milestone for our company,” said Stacy Mazur, chief executive officer of Interstate Restoration. “We chose FirstService because they share our vision for strategic growth and our desire to continue to provide an exceptional experience for our team and clients.”
FirstOnSite Chief Executive Officer Dave Demos cited FirstService’s leadership in the property services sector as another factor in their selection decision.
“They understand our business and our customers because their business lines are focused on managing properties, as well as providing services to properties and property owners,” Demos said. “We speak the same language and we’re both focused on delivering results for our customers.”
“We are delighted to be partnering with Global Restoration,” said Scott Patterson, president and CEO of FirstService. “We look forward to dedicating all necessary resources in support of the team to facilitate the future growth of the company for many years to come.”
The agreement was signed by FirstService Corporation and Global Restoration Holdings, LLC. The transaction is subject to customary closing conditions, including regulatory approvals, and the expected closing is mid-year. Global Restoration is being sold by Delos Capital, a lower middle market private equity firm. Houlihan Lokey is acting as financial advisor and Goodwin Proctor as legal counsel to Global Restoration. Fogler, Rubinoff LLP and Ferrante & Associates acted as legal counsel to FirstService.
About Interstate Restoration
Founded in 1998, Interstate Restoration, LLC, based in Ft. Worth, Texas, is one of the largest emergency restoration and reconstruction service providers for commercial enterprises in North America. In 2016, Interstate acquired FirstOnSite Restoration, the leading independent Canadian disaster restoration services provider. Together, the two companies are the second-largest independent North American restoration and reconstruction services provider. With approximately 1,400 employees, Interstate Restoration and FirstOnSite assist property owners and businesses in recovering from fire, flood, natural and human-caused disasters. For more information on Interstate Restoration, visit interstaterestoration.com, call (800) 622-6433 or on Twitter at @InterstateRest.
About FirstOnSite Restoration
FirstOnSite Restoration Limited is the leading independent Canadian disaster restoration services provider, providing remediation, restoration and reconstruction services nationwide, and for the U.S. large loss and commercial market. With more than 35 locations, 24/7 emergency service and a commitment to customer service, FirstOnSite proudly serves the residential, commercial and industrial sectors. In May 2016, FirstOnSite joined forces with U.S.-based Interstate Restoration, expanding its resource base, and extending its customer service offering and collectively becoming the second largest restoration service provider in North America. For more information visit: firstonsite.ca or call (877) 778-6731 or on Twitter at @firstonsite.
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 approximately US $2 billion in annual revenues and has more than 20,000 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 common shares of FirstService trade on NASDAQ and the Toronto Stock Exchange under the symbol “FSV”. For the latest news from FirstService Corporation, visit firstservice.com.
About Delos Capital
Delos Capital, founded in 2013, is a lower middle market private equity firm specializing in management buyouts, recapitalizations, and growth investments. For more information, visit www.deloscap.com.
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