FirstService acquires U.S.-based Gittleman Management company

TORONTO – FirstService Corporation (TSX:FSV), a Toronto-based international commercial and residential property management company, says it has acquired Gittleman Management Corporation, Minnesota’s largest residential property manager.

Financial terms of the deal, announced Monday, were not disclosed.

Under the transacttion, Mark and Andy Gittleman, owners of the Minnesota company, will keep a significant equity stake in the business and continue to run the operation.

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“Establishing a leading market position in Minnesota was a strategic priority for us,” said Gene Gomberg, CEO of FirstService’s residential division.

Founded in 1980, Gittleman Management Corporation manages more than 260 condominiums, town homes and common interest communities throughout the greater Minneapolis-St-Paul region.

With the acquisition, FirstService Residential extends its position as the largest residential property manager in North America with more than 5,600 properties across the continent.

FirstService has about 20.000 employees around the world and operates through companies such as Colliers International, FirstService Residential Management and FS Brands.