Interstate Restoration LLC, an emergency restoration and reconstruction service provider for commercial enterprises based in Fort Worth, said it plans to acquire FirstOnSite Restoration LP, Canada’s largest independent disaster restoration services provider.
The terms of the agreement were not disclosed.
The combination of FirstOnSite and Interstate Restoration will create the second largest independent North American restoration and reconstruction services provider. Founded in 1998, Interstate Restoration has 19 branch locations across the U.S. FirstOnSite has 38 locations and 1,000 employees.
“By combining FirstOnSite and Interstate Restoration, we will significantly improve our ability to deliver to our clients uninterrupted, best-in-class restoration and reconstruction services on both sides of the border,” said Stacy Mazur, CEO of Interstate Restoration. “The combined companies bring financial strength, a broader customer base and a wide array of resources, talented personnel and new proficiencies. FirstOnSite is well known for its experienced workforce and brings a complementary culture that focuses on rebuilding lives after disasters. Together, we will have the scale necessary to respond to commercial and residential emergencies across Canada and the U.S., from localized disasters to major catastrophes.”
“Our vision has always been to be the first and best choice for insurers, property owners and employees. Interstate Restoration brings exceptional industry and operational expertise, and this sale allows us to join forces and serve customers across the continent,” said Dave Demos, CEO of FirstOnSite Restoration. “Interstate Restoration complements our Canadian service, and we intend to work together to share best practices across the border.”
The companies expect the transaction to close in less than two months, pending court approval. Delos Capital, a U.S.-based private equity fund, will provide Interstate Restoration with committed financing for the transaction.