FirstOnSite acquires Spectrum Restoration
FirstOnSite Restoration grows presence in Alberta and Saskatchewan with acquisition of Spectrum Restoration
Acquisition represents continued growth and deepens FirstOnSite's commercial capabilities in the Prairies.
(MISSISSAUGA, November 23, 2020) - FirstOnSite Restoration, Canada's leading independent disaster restoration services provider, has strengthened its presence in Alberta and Saskatchewan with the signing of an agreement to acquire Spectrum Restoration, a family run business since 2006.
Spectrum Restoration is a regional full-service commercial and residential restoration leader with experience managing commercial large loss projects, a focus on utilizing technology and an emphasis on customer service. Spectrum has approximately 40 employees across two locations: Lloydminster and Cold Lake, AB. It is headquartered in Lloydminster - a unique city that straddles the borders of Alberta and Saskatchewan and thus conveniently located to service commercial and residential customers in both provinces.
Spectrum Restoration has been operating for the past 14 years under the leadership of Greg and Travis Stieb. Travis Stieb, who has been instrumental in the growth and development of the commercial large loss business, will be taking on the role of Senior Project Manager, Complex Commercial Division. Rick Stephens, with an extensive background in operations management, will be assuming the role of Branch Manager for both the Lloydminster and Cold Lake locations.
"This acquisition represents an important expansion for FirstOnSite that closes a geographical service gap in the Prairies, allowing us to reach new customers and expand our coverage for our existing partners." said Bill Moorman, SVP, Western Operations, FirstOnSite Restoration. "By adding Travis to our commercial loss team, we gain a very talented project manager with a reputation for doing what's right for customers and employees. We see a strong alignment in values in many ways and believe he will be a great addition to FirstOnSite."
"Spectrum Restoration complements FirstOnSite's business very nicely and fits in with our strategic focus on growing our commercial capabilities across the country," said Dave Demos, CEO. "Spectrum is well known for its residential restoration services and its exceptional abilities to manage large loss commercial projects. Combined with the strength that FirstOnSite's corporate structure offers, we anticipate this acquisition will generate significant growth in the region."
"FirstOnSite has been a trusted partner and we are thrilled at the opportunity to join forces with a large, sophisticated company that shares the same passion for large loss restoration" said Travis Stieb, Spectrum Restoration. "With the systems and infrastructure of a large corporation, not only will FirstOnSite provide support and the ability to scale up when large loss disasters hit, it will provide our employees with room for advancement, giving them more potential in their career paths."
The deal is scheduled to close on December 1, 2020. Terms of the transaction, including purchase price, were not disclosed.
About FirstOnSite Restoration
Founded in 2007 and based in Mississauga, ON, FirstOnSite Restoration Limited is one of the largest emergency restoration and reconstruction service providers in North America. FirstOnSite Restoration is a subsidiary of FirstService Corporation. In 2016, FirstOnSite joined forces with Interstate Restoration, a leading disaster restoration services provider for commercial enterprises in the U.S. With greater than 2,000 employees and more than 75 locations, FirstOnSite Restoration and Interstate assist property owners and businesses in recovering from fire, flood, natural and human-caused disasters.