Condominium Management Company acquired by FirstService Residential
Northern Edge is pleased to announce the acquisition of Condominium First Management Services by FirstService Corporate.
“All of us at Condominium First are delighted to be joining FirstService Residential and its market leading property management platform”, said Don Davies, CEO of Condominium First Management. “FirstService’s proven track record of providing high quality service to clients, cutting-edge operating systems and proprietary programs will enable us to provide greater value to our clients and accelerate our growth in the years to come. We could not have found a better partner to help take our business to the next level.”
With the assistance of Northern Edge, a Merger and Acquisitions specialist, FirstService Corporation was able to increase the size and breadth of its market leading residential property management operations with the addition of Condominium First Management Services, Alberta’s largest provider of residential property management services. Northern Edge identified the synergistic opportunity for Condominium First, including a potential opportunity for FirstService to expand outside of the United States. With offices in Calgary, Fort McMurray, and Canmore, Alberta, Condominium First generated more than $7 million in revenues for the fiscal year ended July 31, 2010.
Condominium First has been a leader in the condominium property management industry since 1974. The company is currently recognized as one of the most progressive and successful condominium management companies in the industry, as evidenced by it having won the Consumer Choice Award for the past five years running.
“Expanding into the Canadian market has been a strategic priority for us.” said Gene Gomberg, CEO of FirstService Residential. “The addition of Condominium First, with its exceptional management team and leading market position in one of Canada’s fastest growing markets, fits perfectly into our North American growth plan. It is also the first step in our strategy for expanding our operations outside of the United States. We look forward to working with Don Davies and his exceptional management team to enhance their service offerings and create incremental value for their clients while creating significant new career opportunities for their key people.”
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