TORONTO - FirstService (TSX:FSV) Corporation (TSX:NASDAQ:FSV) (NASDAQ:FSV), a North American leader in property services, has announced the acquisition of All Restoration Solutions, LLC (ARS), a provider of commercial property restoration and capital improvement services. The transaction, which sees ARS's executive leaders retaining a minority equity stake, aims to strengthen FirstService's market leadership in the Atlanta metropolitan area.
ARS, established in 2006 and headquartered in Atlanta, Georgia, operates four branches in Georgia and South Carolina, serving a variety of institutional clients, notably in the multi-family property management, education, and healthcare sectors. The terms of the acquisition were not made public.
Jeff Johnson, CEO of First Onsite, a subsidiary of FirstService, remarked on the acquisition's strategic fit, highlighting ARS's strong leadership and established customer base in key market segments. Johnson expressed optimism about the growth prospects in the Southeast U.S. following the integration of ARS into First Onsite's operations.
FirstService Corporation, with annual revenues exceeding $4.3 billion and approximately 29,000 employees, is a prominent player in the property services industry in North America. The company operates through two main service platforms: FirstService Residential, the largest manager of residential communities in North America, and FirstService Brands, a major provider of essential property services through company-owned operations and franchise systems.
This expansion by FirstService is based on a press release statement and is part of the company's ongoing efforts to grow its service offerings and market presence in strategic regions across North America.
InvestingPro Insights
FirstService Corporation's strategic acquisition of All Restoration Solutions, LLC is a testament to its commitment to expanding its footprint in the property services industry. As FirstService continues to grow, let's take a look at some key financial metrics and InvestingPro Tips that may interest investors.
The company boasts a robust market capitalization of $7.13 billion, reflecting its significant presence in the industry. With a P/E ratio of 69.91 and an adjusted P/E ratio for the last twelve months as of Q4 2023 at 65.27, the company trades at a high earnings multiple, which can be indicative of investor confidence in its future growth potential. Additionally, FirstService has demonstrated a strong revenue growth of 15.72% over the last twelve months, signaling its ability to increase earnings.
InvestingPro Tips highlight that FirstService has raised its dividend for 9 consecutive years and is expected to grow its net income this year. These tips underscore the company's financial health and its potential to deliver value to shareholders. It is also important to note that FirstService is trading at a low revenue valuation multiple, which could suggest that the company's stock is undervalued relative to its sales.
Investors may find additional insights by exploring more InvestingPro Tips for FirstService, which are available at https://www.investing.com/pro/FSV. With 12 more tips listed in InvestingPro, subscribers can gain a comprehensive understanding of the company's financial outlook. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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