Financial Horizons Group is acquiring Performance Financial Services, a managing general agency (MGA) in Saskatchewan.
On August 11, Financial Horizons announced that it had signed a letter of intent to buy all of the shares of Performance Financial Services in exchange for cash and shares in Financial Horizon's parent company, Granite Global Solutions. The dollar amount of the purchase was not disclosed.
The transaction is expected to close in October. Once the acquisition has been completed, Financial Horizons will have more than 7,000 advisors, over $5 billion in segregated fund assets, and more than $300 million in life premiums in force.
In a joint statement announcing the purchase, the firms said that Performance Financial’s management team, office and staff of would remain unchanged, and that it will be "business as usual" for the firm’s advisors and clients.
“I am thrilled to be joining such a strong MGA and to have the support for our dedicated advisors and staff,” commented Performance Financial Services president Ken Mossing. “This venture allows us to not only stay in business, but greatly enhance the product offerings and service levels to our advisors”.