FirstService, Colliers Finalize Separation

TORONTO and SEATTLE—Colliers International Group Inc. and FirstService Corp. are now separate companies, both publicly traded on Nasdaq and the Toronto Stock Exchange. The separation was formalized Monday afternoon, and establishes CIGI as one of the leading publicly traded commercial real estate services firms. FSV is focused on residential management via its FirstService Residential platform, and outsourced residential and commercial property services via FirstService Brands.

“The spin-off is a critical and very carefully considered part of our growth strategy that will strengthen our visibility among investors and clients and further accelerate Colliers' evolution in key markets and service areas around the world," says Jay Hennick, CIGI's executive chairman and its largest shareholder. "Colliers thrived as part of FirstService; its revenues grew from approximately $200 million in 2004 to $1.6 billion in 2014, thanks to an exceptional management team, soundly executed growth strategy, and a disciplined approach to creating shareholder value."

Hennick says that “the added visibility and flexibility that comes with the spin-off will only further enhance Colliers' reputation as one of the leading advisors to clients across a broad spectrum of property types and services in commercial real estate the world over.” Formerly CEO of FSV, Hennick continues as chairman of that company's board.

“At FirstService Residential, we are capitalizing on our significant scale advantage and recent investments in our national operating platform to deliver greater value to our clients through a wide array of proprietary products and ancillary services,” says Scott Patterson, FSV's president and CEO. “At FirstService Brands, we have well-defined paths to work with our franchisees to enhance their growth and productivity based on our best practices and depth of experience in operating franchise systems.” Robert H. Friedman, a partner at Olshan Frome Wolosky LLP, acted as US counsel to FSV in the spin-off.