Parties
Company
Guardian Capital Group Limited
Company
Desjardins Group
On March 1, 2023, Desjardins Group ("Desjardins") successfully completed the acquisition of several entities from Guardian Capital Group Limited ("Guardian"), a transaction first announced on November 30, 2022. The entities acquired include IDC Worldsource Insurance Network Inc. (IDC WIN), a prominent life and health insurance managing agency; Worldsource Financial Management Inc. (WFM), a mutual fund dealer; and Worldsource Securities Inc. (WSI), a full-service securities dealer. These companies will operate under their current management team as separate entities under Desjardins and uphold their core beliefs of product and solution independence. Serving over 5,000 advisors in the Canadian insurance and financial advice sectors, this acquisition reinforces Desjardins's national growth strategy. Guy Cormier, President and CEO of Desjardins, expressed enthusiasm about solidifying their leading position in independent distribution throughout Canada. Meanwhile, Guardian's President and CEO, George Mavroudis, conveyed confidence in the businesses' future success and highlighted the transaction's alignment with Guardian's focus on core asset management. Guardian's financial advisory was handled by BMO Capital Markets, with Borden Ladner Gervais LLP and KPMG LLP serving as legal and tax advisors, respectively. Desjardins Capital Markets oversaw financial advisory for Desjardins, while Stikeman Elliott LLP acted as their legal advisor. The total transaction value was not specified in the article.
Deal Type
Merger & AcquisitionIndustry
Banking/FinanceTransaction
$ 750,000,000Deal Status
ClosedClosing Date
01 March 2023