Delos Capital to sell FirstOnSite, Interstate to FirstService for $505 mln
Global Restoration Holdings LLC, the parent of U.S.-based Interstate Restoration and Canada's FirstOnSite Restoration, has agreed to be acquired by FirstService Corp (TSX, Nasdaq: FSV), a Toronto-based property services provider. FirstService agreed to pay $505 million for a 95 percent stake in the business. Global Restoration is being sold by U.S. private equity firm Delos Capital. In 2016, Delos-backed Interstate acquired FirstOnSite, a Toronto-based disaster restoration company, from Canadian private equity firm TorQuest Partners. FirstOnSite and Interstate will together become an independent brand under the FirstService umbrella. FirstService said the acquisition facilitates its expansion in the disaster restoration space.
23 May 2019•4 mins read
