FirstService (TSX:FSV) subsidiary grows through dual acquisition

• FirstService (FSV) subsidiary Century Fire Protection has expanded its business through the acquisition of two fire protection companies
• Aegis Fire Protection and Cornet both specialise in installing, servicing, and inspecting fire sprinkler, alarm, and suppression systems
• The acquisitions will increase Century’s geographic footprint in Kansas, Missouri, and Washington DC
• The company will also benefit from the acceleration of growth in its fire protection services
• FirstService is up 0.42 per cent and is currently trading for $169.87 per share

FirstService (FSV) subsidiary Century Fire Protection has expanded its business through the acquisition of two fire protection companies.

Aegis Fire Protection and Cornet both specialise in installing, servicing, and inspecting fire sprinkler, alarm, and suppression systems. 

Aegis is headquartered in Kansas City, where the business was founded in 2007. Since then, the company has grown to become a market leader in fire protection within the metropolitan areas and surrounding regions of Kansas and Missouri. 

Established in 2005, Cornet is based in Chantilly, Virginia. The business primarily serves the market in Washington DC, the sixth largest metropolitan area in the United States of America.

Century did not disclose the terms of the transactions by which it acquired the two fire protection businesses. However, the leaders of Aegis and Cornet have retained minority equity interests, and will continue to run the day-to-day operations of their companies going forward.

Century’s acquisitions of these businesses will increase the company’s reach across the United States, especially in the regions where Aegis and Cornet currently serve. It will also ramp up growth of its fire protection services and capabilities.

Century Fire Protection’s CEO, Scott Tutterow, commented on how the subsidiary’s acquisition of Aegis and Cornet will benefit the company.

“These acquisitions continue to advance Century’s strategy of expanding its geographic footprint into key new markets which are adjacent to our existing operations,” he said.

“We are delighted to be partnering with the leaders of Aegis and Cornet to deepen our sprinkler and alarm capabilities and accelerate our growth in these services,” he added.

FirstService is up 0.42 per cent and trading for $169.87 per share, as of 11:11am EST.