Canada's FirstService to buy U.S. Global Restoration for $505 mln

Canadian public real estate services company FirstService Corp. has entered into an agreement to buy Global Restoration Holdings, LLC, a U.S. contractor solutions provider.

Under the terms of the agreement, FirstService will acquire 95 percent of Global Restoration, which generated revenues of $436 million for the fiscal year ended December 31, 2018, for a purchase price of $505 million.

The deal will extend FirstService’s scale and capabilities in the property restoration sector and complement its existing Paul Davis Restoration franchised and company-owned operations.

The transaction is subject to customary closing conditions, including regulatory approvals, and its expected closing is mid-year. Annually, FirstService books around $2 billion in revenues.