Although the rumour mill was active at the QFS Symposium held in Toronto in late September, QFS executives, CEO Kevin Cott, and president Nick Simone, were both quick to dismiss the suggestion that QFS is on the market for acquisition.
“QFS is near and dear to my heart,” Cott told those gathered. “We are the fifth largest MGA in Canada. But more importantly, we are the largest independently owned firm in the country. This means we are the ones who own this firm. This is where all the decisions are made. We don’t go to any third party. We don’t have a venture firm supporting us. Every decision we make, financially or otherwise, is made by us. That’s important for us, so that you know, then, that we’re here to support you for the long-term.”
Although the company is looking at other, smaller acquisitions at the moment, he says “there is no organization…that we won’t talk to, or, hint hint, that we have not talked to. “
Interestingly, he says of the 30 organizations he reviewed as possible acquisition targets, only five were actually profitable. “We are committed to staying profitable because I have a long term vision for this organization. To have a long term vision, you have to be profitable.”
“We are not for sale. We have no interest (in selling), no reason to sell, and no desire,” he adds. “I still love what I do. If we ever feel we’re beyond our scope, we’ll stop (looking at acquisition targets), but we’re not stopping today.”