Property manager FirstService Corp. has completed the sale of its Field Asset Services (FAS) business to Assurant Inc.
Under the terms of the deal, Assurant has acquired 100% of the equity of FAS from FirstService for $55 million in cash. FirstService says proceeds from the sale, combined with existing financial resources, will provide the company with more than $200 million of capital for future growth.
Jay Hennick, founder and CEO of FirstService, says, ‘While FAS is well-positioned for future growth – with the recent changes and evolving future playing out in the U.S. residential mortgage market – industry participants require a more comprehensive suite of services and substantial capital resources to compete successfully."
According to Hennick, Assurant can "provide all of this and more" and will allow FirstService and FAS "to have a seamless transition in ownership."