News Century Fire Protection broadens geographic footprint by acquiring Cornet
TORONTO, Dec. 09, 2020 (GLOBE NEWSWIRE) — FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that its subsidiary, Century Fire Protection (“Century”), has recently acquired Aegis Fire Protection, LLC (“Aegis”) and Cornet, Inc. (“Cornet”). The leaders of both businesses have retained minority equity interests and will continue to run day-to-day operations. Terms of the transactions were not disclosed.
Aegis and Cornet are both full-service fire protection companies specializing in the installation, service and inspection of fire sprinkler, alarm and suppression systems. Founded in 2007 and headquartered in Kansas City, Aegis is a market-leading player in the Kansas City metropolitan area and surrounding regions within the states of Kansas and Missouri. Cornet, established in 2005 and based in Chantilly, Virginia, serves the Washington, D.C. market, the sixth largest metropolitan area in the United States.
“These acquisitions continue to advance Century’s strategy of expanding its geographic footprint into key new markets which are adjacent to our existing operations,” said Scott Tutterow, CEO of Century. “We are delighted to be partnering with the leaders of Aegis and Cornet to deepen our sprinkler and alarm capabilities and accelerate our growth in these services,” he concluded.
ABOUT FIRSTSERVICE CORPORATION
FirstService Corporation is a North American leader in the essential outsourced 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 $2.6 billion in annual revenues and has approximately 24,000 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 the NASDAQ and the Toronto Stock Exchange under the symbol “FSV”.
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This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian and U.S. securities laws. Much of this information can be identified by words such as “expect to,” “expected,” “will,” “estimated” or similar expressions suggesting future outcomes or events. FirstService believes the expectations reflected in such forward-looking information and statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information and statements should not be unduly relied upon. Forward-looking information and statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to, the risks related to FirstService’s business, including those identified in FirstService’s annual information form for the year ended December 31, 2019 under the heading “Risk factors” (a copy of which may be obtained at www.sedar.com or as part of FirstService’s Form 40‑F at www.sec.gov). Forward-looking information and statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking information and statements in this news release are qualified by these cautionary statements. Except as required by applicable law, FirstService undertakes no obligation to update any forward-looking information and statement, whether as a result of new information, future events or otherwise.