-- People Corporation's largest acquisition to date, advancing its strategy to build Canada's leading independent provider of innovative group benefits, group retirement and human resources consulting services-- Acquisition of three companies operating together as Hamilton + Partners for $13.9 million-- Adds one of the preeminent group benefits and disability insurance consulting firms in the Alberta market to the People Corporation group of companies, establishing a strong presence in Western Canada
People Corporation ("People" or the "Company") announced today that Hamilton + Partners, a leading group benefits and disability insurance consulting firm based in Calgary, Alberta, is joining the People Corporation group of companies. Through this transaction, which closed yesterday, People is significantly enhancing its national footprint, particularly in the Western Canadian market. Hamilton + Partners' group benefits and disability insurance consulting business consists of three operating companies, Employee Benefits Inc., Disability Concepts Inc. and 6814409 Canada Incorporated, which are being acquired concurrently for a purchase price of $13.9 million on closing, with the potential for additional future consideration based on achieving financial performance targets (the "Transaction").
"The addition of Hamilton + Partners represents a significant milestone in our quest to build the premier independent national provider of group benefits, group retirement and human resources consulting services, with best-in-class consultants delivering innovative and customized solutions to clients," commented Mr. Laurie Goldberg, Chairman and CEO of People Corporation. "Consistent with our previous acquisitions, the owners of Hamilton + Partners recognized the value in partnering with a large, well-capitalized, national organization such as ours."
Hamilton + Partners' principals, Ian Farrer, Kelly Little and Craig Robillard (the "Principals"), collectively have over 90 years of experience in the group benefits and disability insurance sector, and have used their deep knowledge and experience to grow Hamilton + Partners into one of the premier consulting firms in the Alberta market. In addition to providing superior consulting advice and service in the group benefits and pension market, they have developed and utilized unique disability and critical illness solutions and specialty medical insurance products to bring additional value to their clients. As a result, Hamilton + Partners has established an enviable reputation and strong loyalty among its client base.
"We are thrilled to be joining People Corporation," commented Ian Farrer. "As we considered ways to continue the growth of our business, finding a partner like People Corporation with a national footprint, unique and proprietary products and services, and specialized resources for marketing, business development and other sales-focused activities, is very exciting for us." Continued Kelly Little, "In addition, the alignment of our cultures, which includes a strong client-focus, an innovative approach to meeting client needs, and maintaining the utmost integrity in everything we do, makes us confident that this partnership will be very successful." Craig Robillard added, "Working together with People Corporation, we look forward to continuing to provide our clients with superior advice and service, and access to the solutions that best meet their needs." All of the Principals, as well as the staff that support them, will be continuing on after closing of the Transaction. Ian, Kelly and Craig will continue to be the primary operators of the business, and will have a significant economic interest in its success.