June 1, 2016 by Canadian Underwriter
Ft. Worth, TX-based Interstate Restoration LLC announced on Wednesday that it has completed the acquisition of FirstOnSite Restoration G.P. Inc. in Canada.
As a result of the transaction, Interstate Restoration becomes a company of US$300 million annual revenues, with nearly 1,250 employees operating in both countries. Both benchmarks establish Interstate Restoration as the second largest independent company in its industry, according to the company.
Terms of the transaction were not disclosed. But a press release from Interstate Restoration said that Dave Demos, FirstOnSite Restoration’s CEO, will continue to lead the company in Canada.
“More than our sheer size, our quality of service and our reputation for responsiveness in disaster situations have determined Interstate Restoration’s success,” said Stacy Mazur, CEO of Interstate Restoration, in the release. “But our growth is an indication of how positively our clients have responded to us over the years, and it gives us greater resources to address clients’ needs on an even greater scale. By combining FirstOnSite and Interstate Restoration, we will significantly improve our ability to deliver to our clients uninterrupted, best-in-class restoration and reconstruction services. Together as a combined organization we are stronger than ever, and are positioned well for the future.”
The release said that FirstOnSite Restoration is Canada’s largest independent disaster restoration services provider, with 35 branches across the country. FirstOnSite will continue to operate under the FirstOnSite name, and will remain headquartered in its current Mississauga, Ont. location.
“We are extremely pleased with the completion of the sale, and with the enormous benefits it will bring to both companies moving forward,” Demos said in the release. “We can now focus on organizing our complementary capacities, and bringing the best restoration services on the continent to our customers on both sides of the border.”
FirstOnSite originally announced on April 21 that it had reached a definitive asset purchase agreement with Interstate Restoration.
Founded in 1998, Interstate Restoration is one of the largest emergency restoration and reconstruction service providers for commercial enterprises in the U.S., specializing in assisting property owners and businesses in recovering from fire, flood, natural and human-caused disasters. It has 19 regional offices in the U.S.
FirstOnSite Restoration L.P. is an independent Canadian disaster restoration services provider, providing remediation, restoration and reconstruction services nationwide, and for the U.S. large loss and commercial market. With approximately 1,000 employees, 35 locations and 24/7 emergency service, FirstOnSite serves the residential, commercial and industrial sectors.