People Corporation has entered into a definitive agreement to acquire Alliance Pour La Santé Etudiante Au Quebec Inc. (ASEQ), and has also recently closed the acquisitions of Watermark Benefit Consulting Inc. and ENCOMPASS Benefits & HR Solutions Inc.
ASEQ is a privately owned benefits consulting and administration firm and currently serves 650,000 students through 100 student associations and post-secondary institutions in six Canadian provinces.
ASEQ founder and management remain
ASEQ’s founder and management team will continue to run the operations as part of People Corporation, and ASEQ’s team of 150 consultants and staff will continue to provide solutions to students.
“By adding ASEQ to our platform, we have also broadened our suite of proprietary products and services, enhanced our national scale and capabilities, and meaningfully grown our market position in Quebec,” said Laurie Goldberg, executive chair and CEO of People Corporation.
People Corporation to buy all shares of ASEQ
People Corporation has agreed to acquire 100% of the issued and outstanding shares of ASEQ from a group of shareholders for a purchase price of $56.4 million, subject to post-closing adjustments. Of the total purchase price, $50 million will be paid in cash on closing of the transaction, and the remaining $6.4 million will be paid by way of deferred payments following the second anniversary of the closing, subject to potential adjustment related to the financial performance of the business.
ASEQ shareholders may be eligible to receive additional payments in the four years following closing of the transaction if the business exceeds certain financial performance thresholds. Closing is expected in early December.
ENCOMPASS takes a holistic approach to providing its clients with a full suite of group benefits, group retirement, HR services and health and wellness solutions. ENCOMPASS principal, Bret Loge, will continue to operate the business as part of People Corporation.
Watermark, which specializes in providing employee benefits and group retirement solutions to companies with international and domestic operations, provides sophisticated advice on plan design, client service and access to a broad product portfolio. Watermark’s founder and principal, Jean Iozzo, will continue to run the operations as part of the People Corporation group of companies.
