Establishes People Corporation as a leader in the Quebec City market and enhances national distribution capabilities.
WINNIPEG, Manitoba. February 3, 2020: People Corporation (the “Company”) (TSX Venture: PEO) today announced that it has closed the acquisition of Robin Veilleux Assurances et Rentes Collectives Inc. (“RVARC”) (the “Transaction”). Founded in 1998 and headquartered in Quebec City, RVARC specializes in providing group benefits consulting services for companies based in the province of Quebec. Combined with People Corporation’s existing operations in the Montreal area, the addition of RVARC significantly increases the Company’s presence in one of Canada’s largest provinces. Terms of the Transaction have not been disclosed.
RVARC offers group benefits consulting services to approximately 700 clients directly through its 25 employees in Quebec City, and also through a network of more than 100 independent third-party brokers. RVARC’s principals, Robin Veilleux and Sylvain Labrecque, will continue to run the operations as part of People Corporation, and RVARC’s experienced team of advisors and account managers will continue to provide industry-leading service to clients in the province of Quebec.
Laurie Goldberg, Executive Chairman and Chief Executive Officer of People Corporation commented, “With over 20 years of history in the Quebec market, RVARC is a well-established group benefits consulting firm with a solid base of long-standing clients and active relationships with a large network of third-party brokers. The platform RVARC has built aligns well with People Corporation’s plan to continue expanding its business in the province both organically and via targeted acquisitions. While People Corporation already has a presence in the Montreal area, the addition of RVARC bolsters the Company’s position in the province. We are very excited to welcome Robin, Sylvain, and the entire RVARC team to the People Corporation family.”
Robin Veilleux, the founder of RVARC added, “Partnering with People Corporation at this juncture will enable RVARC to better capitalize on the growth opportunities ahead in the Quebec market and to take our business to the next level for the benefit of our clients, our third-party broker partners and our employees.” Sylvain Labrecque added, “RVARC has always been dedicated to delivering holistic solutions to our clients, and with the support of People Corporation and the distribution strength we have built in Quebec, we see an opportunity to offer our clients and third-party broker network an expanded suite of benefits, pension and human resources solutions.”
The Company also announced today the appointment of Celia (Ceci) E. Kaufman, Q.C., ICD.D as Chief Legal Officer and Secretary of the Company.
About People Corporation
People Corporation (https://www.peoplecorporation.com) is a national provider of group benefits, group retirement and human resource services. The Company has offices across Canada, each led by a team of experts and backed by the resources of a national company that is traded on the TSX-V. The Company’s industry experts provide uniquely valuable insight while customizing an innovative suite of services to the specific needs of its clients. Whatever your sector, whatever your scale, putting People Corporation’s expertise and proven track record to work will make a difference to your people and your bottom line. Further information is available at https://www.peoplecorporation.com/.
This news release contains “forward-looking statements” within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as “may”, “will”, “expect”, “believe”, “intends”, “likely”, or other words of similar effect may indicate a “forward-looking” statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company’s publicly filed documents (available on SEDAR at www.sedar.com). Those risks and uncertainties include the ability to maintain profitability and manage organic or acquisition growth, reliance on information systems and technology, reputation risk, dependence on key clients, reliance on key professionals and general economic conditions. Many of these risks and uncertainties can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on its behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.