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FirstService to acquire Global Restoration Holdings from private equity firm

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FirstService to acquire Global Restoration Holdings from private equity firm

FirstService Corp. will acquire commercial and large loss property restoration company Global Restoration Holdings LLC from lower middle-market private equity firm Delos Capital in a deal expected to close midyear.

The addition will complement FirstService's Paul Davis Restoration operations. FirstService will acquire 95% of Global Restoration, which operates under the Interstate Restoration Inc. brand in the U.S. and the FirstOnSite Restoration LP brand in Canada, for $505 million using cash on hand and fully committed debt financing.

Global Restoration's senior management team will continue to lead daily operations and will retain the remaining equity.

Houlihan Lokey is Global Restoration's financial adviser, and Goodwin Procter is its legal counsel. Fogler Rubinoff LLP and Ferrante & Associates acted as legal counsel to FirstService.