Winnipeg, November 27, 2018: People Corporation (TSX-V: PEO) (the “Company”) announced today the completion of the acquisition of Benefit Partners Inc. (“Benefit Partners” or “BPI”), a leading independent privately-owned employee group benefits and group retirement consulting firm in the Ontario market (the “Transaction”). The addition of BPI to the People Corporation group of companies enhances the Company’s position in the Ontario market, including establishing a presence in regions in which the Company did not formerly have a physical location. The terms of the Transaction have not been disclosed.
Founded in 1995, and with roots dating back to the mid-1970s, BPI provides employee benefits, group retirement and HR consulting services to companies of all sizes from a variety of industries. With offices in Sudbury, Port Colborne and Barrie, BPI’s client base includes over 270 businesses throughout the province. BPI has earned a reputation as a ‘trusted advisor’ amongst its client base by building strong relationships, providing thoughtful advice, implementing innovative solutions and delivering superior service. BPI’s principals, Vic Skot, Dan Millar and Peter DiPietrantonio, will continue to run the operations as part of the People Corporation group of companies, and their highly-talented and dedicated team of management and staff will continue to provide industry-leading service to its clients.
“We are very pleased and excited for the future of Benefit Partners, including for our staff and our clients, as we partner with Canada’s foremost employee benefits, pension and HR consulting firm,” commented Vic Skot. Dan Millar added, “The client-focused approach with which we provide advice, implement solutions, and deliver service will continue as it has in the past, but now we will be able to provide an even broader range of products and services from a partner with significant scale and a national footprint.” Peter DiPietrantonio concluded, “Our culture and approach to doing business are highly aligned with those of People Corporation, which is why we are so confident in a positive future for all stakeholders.”
“The addition of BPI to the People Corporation family enhances our presence in Ontario, which represents Canada’s largest employer market, and one which is clearly important as we build the premier independent national provider of group benefits, group retirement and human resources consulting services,” commented Mr. Laurie Goldberg, Chairman and CEO of People Corporation. Mr. Goldberg added, "BPI has an exceptional business that has been built over decades, and we are excited to be partnering with such a highly respected and successful organization. We would like to welcome Vic, Dan, Peter and the rest of the BPI team into the People Corporation family.”
About People Corporation
People Corporation is a leading national provider of group benefits, group retirement and human resource services with over 800 employees servicing over 8,000 clients of all sizes from start-up stage to enterprise. 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. Managing approximately $2 billion in annual premiums, and administering $10 billion in pension assets, 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.
This news release contains “forward-looking statements” within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as “may”, “will”, “expect”, “believe”, "intends", "likely", or other words of similar effect may indicate a “forward-looking” statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company's publicly filed documents (available on SEDAR at www.sedar.com). Those risks and uncertainties include the performance of the business acquired pursuant to the Transaction, the ability to maintain profitability and manage organic or acquisition growth, reliance on information systems and technology, reputation risk, dependence on key clients, reliance on key professionals and general economic conditions. Many of these risks and uncertainties can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on its behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes 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.
Investor Relations Inquiries
Dennis Stewner, CPA, CA
CFO and COO - People Corporation
CLICK HERE for the office press release.
CLICK HERE for the client letter from Benefit Partners