FIRSTSERVICE CORP. $42.76 - Toronto symbol FSV

FIRSTSERVICE CORP. $42.76 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.6 million; Market cap: $1.5 billion; Dividend yield: 1.2%) offers residential property management and property improvement services.

The company recently announced that it is acquiring Custom Property Management, a leading provider of residential property management services in West Palm Beach, Florida, and surrounding areas. FirstService didn’t reveal the deal’s terms.

The transaction will add over 16,000 units to FirstService’s existing property management portfolio, which totals 7,200 buildings comprised of over 1.6 million residential units throughout North America.

Dave Brown, who founded Custom Property Management in 1982, will continue to manage the company’s day-to-day operations.

FirstService is still a hold.

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