May 24, 2019 by Greg Meckbach
FirstOnSite Restoration Limited announced May 23 that its corporate parent, Global Restoration Holdings LLC, agreed to be acquired by Toronto-based FirstService Corporation, which acquired Paul Davis Systems Canada in 2014.
Both FirstOnSite and Paul Davis are restoration firms that insurers use to help property owners clean up and repair properties damaged by flood and fire.
Paul Davis Restoration Inc. is a subsidiary of FirstService Brands, FirstService said in a recent securities filing. Jacksonville, Fla.-based Paul Davis has hundreds of independently-owned franchises in the United States and Canada.
Global Restoration is currently owned by private equity firm Delos Capital. The sale of Global Restoration to FirstService is subject to regulatory approval, FirstOnSite said May 23. The deal should close within four to six weeks.
FirstOnSite serves the residential, commercial and industrial sectors.
FirstOnSite will operate separately from other FirstService brands, including Paul Davis, a FirstOnSite spokesperson told Canadian Underwriter Friday.
Along with FirstOnSite, Global Restoration also owns Interstate Restoration LLC of Ft. Worth, Texas.
Once Delos Capital sells Global Restoration to FirstService, FirstOnSite/Interstate will together become an independent company-owned brand under the FirstService umbrella, and will operate separately from other FirstService brands.
In addition to Paul Davis, FirstService’s brands include Century Fire Protection, CertaPro Painters, California Closets, Pillar to Post Home Inspectors, Floor Coverings International and College Pro Painters.
Paul Davis services include water, fire and mold cleanup, construction rebuild and restoration services for property damaged by natural or man-made disasters.
FirstService owns nine of the Paul Davis Restoration locations and one independent non-Paul Davis restoration operation, the company said in a securities filing this past February,
FirstService also has a residential property management division.
FirstService has its roots in a swimming pool management company founded in 1989 by Jay S. Hennick. It acquired two Florida-based property management firms in 1996. Hennick is currently FirstService’s chairman of the board and also chairman and CEO of Colliers International Group Inc.
The president and CEO of FirstService is D. Scott Patterson.
In 2015, FirstService separated into two independent publicly-traded companies – commercial real estate firm Colliers International and FirstService Corporation.