California Closets’ parent company sees double-digit growth in 2nd quarter
July 30, 2018 | 10:29 am CDT
Photo By California Closets
TORONTO – FirstService Corp., the parent company of California Closets, reported revenues of $495.3 million in the second quarter, a 12% increase over the same quarter last year.
“We delivered another strong quarter, capitalizing on balanced organic top-line growth across our businesses,” said Scott Patterson, CEO. “Our results largely mirror the performance in our prior quarter demonstrating the consistency of our business model and keeping us well on track to deliver on our targets for the full year.”
FirstService has two divisions: FirstService Residential and FirstService Brands. FirstService Residential manages North American residential properties and FirstService Brands includes property service and home improvement brands like California Closets, CertaPro Painters, and Paul Davis remodeling.
According to the company, FirstService Brands drove a huge part of its growth percentage with revenue up 21% in the second quarter. The company credits several factors including a robust home improvement market. Growth was also spurred by recent tuck-under acquisitions across company-owned operations at California Closets, Paul Davis Restoration, and Century Fire.
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