RoofingFirstService

overview

FIRSTSERVICE CORPORATION (NASDAQ/TSX:FSV)

Founded in 1989, FirstService Corporation (“FSV”) is the North American leader in outsourced essential property services.

FSV is comprised of two industry-leading platforms:

  • FirstService Residential is North America’s largest manager of residential communities, managing 8,500 properties representing 1.7M residential units and administering client expenditures of $8B annually.
  • FirstService Brands provides seven core branded essential property services to residential and commercial customers through corporate operations and franchised systems. It has over 1,500 franchisees and services more than 500,000 customers.

acquisition strategy & capabilities

Over the past 30 years, FSV has enhanced its organic growth through a disciplined acquisition program. Its streamlined acquisition process ensures a smooth transition for independent business owners, their employees and clients. Unlike typical financial investors or private equity firms, FSV looks to buy and hold, and create value indefinitely.

FSV is actively looking to acquire a commercial re-roofing business with national reach and accounts, in a bid to (1) bring in-house the $50-$100M+ roofing work it subs out annually; and (2) complement and enhance its $1B-revenue property restoration businesses: (1) FirstOnSite (commercial work, primarily), and (2) Paul Davis Restoration (residential work). 

Shareholders and operators of re-roofing companies contemplating an exit would benefit from the FSV ecosystem: nationwide relationships with insurers, significant deal flow, and major resources to grow their companies to the next level.

Once FSV acquires a platform, it will look to tuck in smaller acquisitions.

FSV has retained FirePower Capital to identify and engage with new acquisition opportunities. 

current brands

First Onsite logo 300x125

First Onsite

Locations
80

Headquarters
Denver CO & Forth Worth, TX

Paul Davis web 300x52

Paul Davis

Franchisees
313

Company Owned
11

Headquarters
Jacksonville, FL

investment criteria

SERVICES OFFERED

  • Re-roofing, maintenance, repair services, plus adjacent services (e.g. restoration); limited exposure to new installations

CUSTOMERS SERVED

  • Primarily commercial customers (some residential is okay); capability and scale to respond to large-loss/complex claims; ability to mobilize across regions/​US is an asset

MANAGEMENT & CULTURE

  • Strong leadership teams seeking to join a fast-growing organization with a winning culture
  • Company vision and culture that would benefit from gaining access to FSV’s ecosystem

FINANCIALS & OUTLOOK

  • Minimum annual revenue of $20 million

GEOGRAPHY

  • National or large regional coverage, ability to travel and respond to CAT events
  • Northeast, Mid-Atlantic, Texas or Western US footprint

ACQUISITION STRUCTURE

  • Flexible structures allowing for partnerships or outright exits
  • Owner equity retention of up to 30%

This disclaimer shall apply to FirePower Corp Dev Inc., its partners, employees and agents (collectively “FirePower”). The information contained in this document (the “Information”) is for informational purposes only. FirePower makes no representations or warranties as to the accuracy or completeness of the Information. FirePower does not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by the recipient in reliance on the Information or for any decision based on it. The Information cannot be relied upon to cover the recipient’s specific situation and accordingly the recipient should not act or refrain from acting upon the Information, without obtaining specific professional advice or performing such due diligence steps as the recipient may solely deem necessary. The information may change at any time without notice or obligation to the recipient by FirePower. NEITHER THIS DOCUMENT NOR ITS DELIVERY TO AN INTERESTED PARTY SHALL CONSTITUTE OR BE CONSTRUED TO BE AN OFFER TO SELL ANY SECURITIES.

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