Interstate Restoration to be acquired by FirstService Corporation
Global Restoration Holdings, the second largest commercial and large loss property restoration firm in North America, sold to FirstService.
Global Restoration Holdings, the parent company to Interstate Restoration and FirstOnSite Restoration, announced today the signing of a definitive agreement to be acquired by the property services firm FirstService Corporation.
Global Restoration Holdings is currently the second largest commercial and large loss property restoration firm in North America.
In their announcement, FirstService representatives said the acquisition will expand FirstService’s scale and capabilities in the property restoration sector and complement its existing Paul Davis Restoration franchised and company-owned operations.
“Our team is excited to become part of the FirstService family,” Jeff Johnson, executive chairman of Global Restoration said in a statement. “The cultural alignment and shared vision allow our team to accelerate our growth as we deliver daily, world-class service to customers throughout North America.”
Stacy Mazur, chief executive officer of Interstate Restoration said the transaction represents another important milestone for the company. Mazur added in a statement, “We chose FirstService because they share our vision for strategic growth and our desire to continue to provide an exceptional experience for our team and clients.”
The agreement was signed by FirstService Corporation and Global Restoration Holdings, LLC. The transaction is subject to customary closing conditions, including regulatory approvals, and the expected closing is mid-year. Global Restoration is being sold by Delos Capital, a lower middle market private equity firm.