People Corporation Announces Acquisition of Fairles Benefit Services Inc.
23 Giugno 2014 - 2:30PM
Marketwired
People Corporation Announces Acquisition of Fairles Benefit
Services Inc.
WINNIPEG, MANITOBA and TORONTO, ONTARIO--(Marketwired - Jun 23,
2014) - People Corporation ("People" or the "Company") today
announced the acquisition, through its wholly owned subsidiary,
Bencom Financial Services Group Inc. ("Bencom"), of the group
benefits business of Fairles Benefit Services Inc. ("FBS") based in
Waterloo, Ontario. Established in 1991, FBS provides group benefits
and group retirement consulting to a broad range of clients in the
Southwestern Ontario region, and has built a solid reputation for
outstanding client service. With the addition of this leading firm,
People has notably increased its presence in the Ontario market.
FBS will continue to operate as Fairles Benefit Services Inc. in
close association with Bencom.
Laurie Goldberg,
Chairman and CEO of People Corporation, commented, "We are thrilled
to announce yet another acquisition in the Kitchener/Waterloo area,
following on the previous successful transaction with Bencom of
Kitchener, Ontario in December 2012." Mr. Goldberg continued, "The
opportunity to add FBS, another firm with an excellent reputation
in the region, to the People Corporation family is exciting for us.
Together with Bencom, FBS further strengthens our already strong
presence and reputation in the Southwestern Ontario market."
Mr. John Fairles,
founder of FBS added, "I am very pleased that FBS is joining with
Bencom and the People Corporation group of companies. As an
established and growing firm, we wanted to partner with a
like-minded company that shared our commitment to providing
exceptional products, services and advice to our clients. The
access to proprietary products, additional resources, enhanced back
office support and customized services that this partnership brings
will significantly benefit our existing valued clients and also
provide a more dynamic platform for seeking new business
opportunities."
Mr. Dino Costabile,
Practice Leader of Bencom, commented "This is a great opportunity
for Bencom to be partnering with FBS and John Fairles under the
People Corporation umbrella. Together, we are strongly positioned
for future growth, backed by the national presence, strength and
leadership position of People Corporation."
Terms of the
transaction, which closed as of June 19, 2014, are not being
disclosed. The Company expects the transaction to have an immediate
positive impact on revenue and EBITDA. The purchase price for the
transaction will be funded through existing cash resources,
including from the proceeds of the Company's recent private
placement of common shares completed in April 2014.
Mr. Goldberg
concluded, "FBS represents People's third transaction so far this
year, and closely follows the acquisition of Bryan H. Lupe and
Associates of Winnipeg, Manitoba in May. The success in the
transaction-based component of our growth plan, combined with our
strong organic growth in the past number of years, has driven
tremendous top and bottom line growth for our company. As a result,
People is one of Canada's fastest growing companies and, as
recently announced, has once again been named to the PROFIT 500
Fastest Growing Companies List."
About People Corporation
People is a national
provider of group benefits, group retirement and human resource
services. The Company has offices across Canada, each led by a team
of experts and backed by the resources of a national company that
is traded on the TSX-V. Our industry experts provide uniquely
valuable insight while customizing our innovative suite of services
to the specific needs of our clients. Whatever your sector,
whatever your scale, putting our expertise and proven track record
to work will make a difference to your people and your bottom
line.
Further information
is available at www.peoplecorporation.com.
Forward-Looking Information
This news release
contains "forward-looking information" within the meaning of
applicable securities laws, such as information concerning
anticipated future events, results, circumstances, performance or
expectations that are not historical facts. Use of words such as
"may", "will", "expect", "believe", or other words of similar
effect may indicate forward-looking information including the
completion of the transaction, the impact of that transaction on
our earnings and cash flow, and the anticipated benefits of the
transaction. This information is not a guarantee of future
performance and is subject to numerous risks and uncertainties,
including those described in our publicly filed documents (which
are available on SEDAR at www.sedar.com). Those risks and
uncertainties include: our ability to maintain profitability and
manage growth; strong competition from other advisors and changes
in the current legislation could result in significant competition
from the banking industry; failure of information systems and
technology; dependence on key clients; seasonality of revenues and
the resulting possible impairment on working capital; reliance on
key professionals; additional financing may be required and may not
be available under terms favourable to us; there can be no
assurance that any suitable future acquisition will be available to
us or that, if available, the terms of the acquisition will be
favourable to us; and a change in general economic conditions. Many
of these risks and uncertainties can affect our actual results and
could cause our actual results to differ materially from those
expressed or implied in any forward-looking information made by us
or on our behalf. Given these risks and uncertainties, investors
should not place undue reliance on forward looking information as a
prediction of actual results. All forward-looking information in
this news release is qualified by these cautionary statements. This
information is made as of the date of this news release and, except
as required by applicable law, we undertake no obligation to
publicly update or revise any forward looking information, whether
as a result of new information, future events or otherwise.
Additionally, we undertake no obligation to comment on analyses,
expectations or statements made by third parties in respect of the
Company, its financial or operating results or its securities.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this press
release.
Investor Relations Inquiries: People CorporationBrevan
Canning(204)
295-8860brevan.canning@peoplecorporation.combrevan.canning@peoplecorporation.com
Grafico Azioni People (TSXV:PEO)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni People (TSXV:PEO)
Storico
Da Giu 2023 a Giu 2024