The Franchise Company Acquires Field Asset Services, Inc.
November 07, 2007 // Franchising.com // TORONTO, ON – The Franchise Company (TFC) is proud to announce that it has expanded its property services portfolio with the acquisition of an 80% interest in Field Asset Services, Inc., one of North America's largest residential preservation services companies.
Founded in 1996 and based in Austin, Texas, Field Asset Services provides comprehensive property preservation, maintenance and repair services to some of the largest residential mortgage lenders in America for their residential properties that have been acquired through foreclosure. Specifically, Field Asset Services secures the foreclosed properties to assist clients in improving recovery on their residential mortgage loan investments.
Field Asset Services processes more than 600 client requests weekly through its state-of-the-art information systems that enable clients to efficiently manage their portfolios of foreclosed properties. All maintenance and repair services are managed through a property system that includes outsourcing field services to a national network of independent service contractors. At any one time, the company provides its services to more than $1.1 billion in client assets, representing over 25,000 residential properties.
"The addition of Field Asset Services is another important step in our strategy to provide property improvement services to homes and businesses through entrepreneurial driven delivery systems." Said Steven Rogers, CEO of TFC. "As a recognized industry leader in property preservation, Field Asset Services has a first rate vendor network of qualified contractors nationwide and a state-of-the-art delivery system that can be leveraged and expanded upon in our other property improvement areas."
The Franchise Company is the property improvement services division of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U).
About FirstService Corporation:
FirstService is a leader in the rapidly growing property services sector, providing services in the following four areas: commercial real estate; residential property management; integrated security and property improvement services. Industry-leading service platforms include: Colliers International, the third largest global player in commercial real estate; FirstManagement Partners, the largest manager of residential properties in North America; FirstService Security, the fifth largest integrated security company in North America; and The Franchise Company, the second largest property improvement services organization in North America.
FirstService is a diversified property services company with more than US$1.6 billion in annualized revenues and more than 16,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
More information about The Franchise Company is available at www.thefranchisecompany.com.
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