Mr. Scott Patterson reports

FIRSTSERVICE ACQUIRES ROOFING CORP OF AMERICA

FirstService Corp. has acquired Roofing Corp. of America (RCA), one of the largest commercial roofing enterprises in North America. The addition is highly complementary to FirstService's existing portfolio of market-leading essential property services brands, adding to its capabilities in property repair, maintenance and restoration.

Headquartered in Atlanta, Ga., Roofing Corp. delivers a wide range of end-to-end roofing services, including reroofing, repair and maintenance, and new roof installations, to building owners, property and facility managers, homeowners' associations, and general contractors. RCA operates from 16 regional branch locations across 11 U.S. states, spanning the Sun Belt, Mid-Atlantic, Midwest and West regions and employs more than 900 highly trained professionals. Roofing Corp. generates annual revenues of approximately $400-million (U.S.) with operating margins that are modestly higher than the consolidated margin profile across FirstService.

Under the terms of the transaction, FirstService will acquire a significant controlling interest for a purchase price of $413-million (U.S.), with RCA's senior leadership team, including Randy Korach, chief executive officer, retaining the balance of the equity and continuing to operate the business going forward. The purchase price will be financed through a combination of cash on hand and funds drawn under FirstService's existing revolving bank credit facility, which now has total borrowing capacity of $1.25-billion (U.S.) after the recent exercise and bank syndicate approval of the $250-million (U.S.) accordion feature.

"We are delighted to be partnering with FirstService, which brings a like-minded culture and strategic vision," said Mr. Korach, CEO of RCA. "FirstService's partnership philosophy combined with its strong balance sheet will enable us to continue to drive our growth and vision of becoming the national market-leading player in the commercial roofing industry. Finding the perfect home for our highly dedicated team members was central to our decision in choosing a partner. We are convinced we found the right home in FirstService."

"Roofing Corp. offers a unique opportunity to add a leading commercial roofing services enterprise with significant scale, strong leadership and a broad geographic footprint," said Scott Patterson, CEO of FirstService. "Roofing shares many of the same attractive characteristics as our other businesses in terms of being an essential property service operating in a large, highly fragmented industry with significant growth potential. We see strong alignment with the team across RCA and are excited about working together to build the premier roofing contractor in North America. On behalf of our entire organization, I would like to welcome Randy and the rest of the RCA team to the FirstService family," he concluded.

About FirstService Corp.

FirstService is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: FirstService Residential, North America's largest manager of residential communities; and FirstService Brands, one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.

FirstService generates approximately $4.3-billion (U.S.) in annual revenues and has more than 27,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term record of creating value and superior returns for shareholders. The common shares of FirstService trade on the Nasdaq and the Toronto Stock Exchange under the symbol FSV, and are included in the S&P/TSX 60 index.

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