FirstService Corp. acquires 70% interest in CMN International

Daily Journal of Commerce (Portland, OR), Dec 13, 2004 by DJC Staff

FirstService Corp. has acquired a 70 percent interest in CMN International Inc., the largest member of Colliers International. Senior management, active brokers and employees will retain the remaining 30 percent interest in CMN.

Sonna Durdel will be working with CMN to assess their current position in the Portland market, focusing on recruitment and acquisitions.

We are committed to investing in and growing our platform, said Rick Chichester, President of CMN North America. In addition, we are pleased to announce that Sonna Durdel has joined CMN in an advisory capacity. We are committed to the Portland market and, with our partner FirstService and the leadership of Sonna, we look forward to a successful and exciting future.

With the backing of FirstService and with CMN retaining 30 percent ownership for management-, broker- and employee-owned shares, the Colliers International platform in Portland has definitely been enhanced, said Durdel. We will be looking for strategic acquisitions in our marketplace to broaden the scope of services for Colliers International's clients. CMN now has added financial strength in order to further advance their platform.

CMN's strong brand, exceptional management team and proven broker network provides First Service with an important new platform for growth in the commercial real estate service sector, said Jay Hennick, President and Chief Executive Officer of FirstService. Importantly, this new partnership will enable CMN to expand its service offerings as well as take an active role in industry consolidation.

FirstService provides services in commercial real estate, residential property management, commercial security systems, property improvement and business services.

CMN International is an international real estate company that provides a full range of services to commercial real estate users, owners and investors worldwide, including brokerage, property management, hotel, investment sales, corporate services, valuation, research, consulting and appraisal.

The deal follows a unanimous vote of CMN shareholders, the receipt of regulatory approvals and the approval of the Ontario Superior Court of Justice.