TORONTO -- FirstService Brands expanded California Closets company-owned locations with the acquisition of the California Closets Los Angeles franchise.
"We are excited with the prospects of owning a key market like Los Angeles," said Bill Barton, President & CEO of California Closets. "We gain a foothold in a marquee, fast-growing territory which has significant potential for further market share penetration through our industry-leading brand."
California Closets is a unit of FirstService (a property services firm) subsidiary, FirstService Brands. It has approximately 80 franchised and corporate-owned locations. Terms of the transaction were not disclosed.
"This transaction advances our strategy of acquiring California Closets franchises in certain key markets and integrating them with our existing company-owned platform," said Charlie Chase, President & CEO of FirstService Brands. "We now have a dozen corporate-owned locations which are being configured with our centralized manufacturing facility in Phoenix to drive greater efficiencies and profitability."
FirstService generates more than $1.2 billion in annual revenues and has more than 15,000 employees across North America.
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