Wafra Partners sells Century Fire Protection to FirstService

FirstService Corp (TSX, NASDAQ: FSV), a Canadian outsourced property services provider, has acquired Century Fire Protection, a Duluth, Georgia-based fire and life safety services company operating in the southeastern region of the United States. No financial terms were released. Toronto-based FirstService said the acquisition adds an important service capability to its portfolio of property services. The deal also provides an exit to U.S. private equity firm Wafra Partners, which bought Century in January 2007.

PRESS RELEASE

FirstService Acquires Century Fire Protection

TORONTO, April 06, 2016 (GLOBE NEWSWIRE) — FirstService Corporation (TSX:FSV) (NASDAQ:FSV) announced today that it has acquired Century Fire Protection (“Century”), one of the largest full-service fire protection companies in the Southeastern United States. The acquisition adds an important service capability to FirstService’s portfolio of essential property services. Scott Tutterow, Founder and CEO of Century, will continue to lead the operations and retain a minority stake alongside senior management. Terms of the transaction were not disclosed.

Headquartered near Atlanta in Duluth, Georgia, Century provides end-to-end fire protection solutions including design, fabrication, installation, maintenance, repair, monitoring and inspection services for commercial, residential, industrial and institutional clients. The company employs approximately 600 staff operating out of 12 offices throughout Georgia, Alabama, North Carolina, South Carolina, Tennessee and Texas. Century generated revenues of $93 million in 2015 with operating margins similar to FirstService’s existing company-owned operations.

“We are excited to be partnering with FirstService,” said Scott Tutterow, CEO of Century Fire. “The cultural and strategic fit and the attractiveness of the FirstService partnership model were critical factors in our decision to join FirstService. With the backing and credibility of a highly regarded and well-capitalized public company, we are ideally positioned to accelerate our growth.”

“Century is an important strategic acquisition that complements our existing operations and expands our services capabilities,” said Scott Patterson, CEO of FirstService. “Fire protection shares similar attractive characteristics with our other service platforms: it is an essential service in a large, highly fragmented market subject to increasing regulation which supports recurring, contractual revenue and robust industry growth. With its leadership position and reputation for service excellence, Century is poised to capitalize on the significant market opportunity. On behalf of our entire organization, I would like to welcome Scott and his team into the FirstService family,” 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 $1.3 billion in annual revenues and has approximately 16,000 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 Subordinate Voting Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol “FSV”.

For the latest news from FirstService Corporation, visit www.FirstService.com.

COMPANY CONTACTS:
D. Scott Patterson
President & CEO
FirstService Corporation
(416) 960-9500
Jeremy Rakusin
CFO
FirstService Corporation
(416) 960-9500

Photo courtesy of Century Fire Protection