VANCOUVER, Nov. 19, 2018 /CNW/ - PI Financial Corp. (PI) and NG Holdings Canada Ltd. (NG Holdings) today announced that Gary Ng, through NG Holdings, will acquire 100% of PI from its 54 employee shareholders for an all cash total investment of over $100 million. Subject to all necessary shareholder and regulatory approvals, the transaction is scheduled to close on November 30, 2018. Upon closing, Gary Ng will lead PI as Chairman.
Mr. Ng will be supported by PI's existing strong team of over 300 people who today provide a broad range of financial services to over 50,000 clients across Canada.
Concurrent with the sale, Max Meier, PI's Chairman and CEO, and John Eymann, Vice Chairman, will relinquish their executive roles. Mr. Meier and Mr. Eymann founded PI in 1982. They will continue as advisors to their clients and counsel to the Executive Committee and management. Jean-Paul Bachellerie, an experienced financial industry leader and currently PI's President and COO, will assume the role of CEO on closing. Mr. Bachellerie has been a senior executive of PI for over 20 years. There will be no other changes to PI's executives, management, advisors, staff or day-to-day operations as a result of the transaction.
"This transaction enables PI to continue to offer independent, experience-driven financial advice to our clients for decades to come," said Mr. Meier. "Mr. Ng will inject new ideas into the organization that will enable the firm to focus on long-term growth with an emphasis on what is best for our clients. We share the same values and entrepreneurial spirit and I am confident that under Gary's leadership PI Financial will strengthen its position as one of Canada's leading independent investment dealers."
"PI is at the forefront of the Canadian financial services industry and it is a privilege to be leading the firm into its next stage of growth and development," said Mr. Ng. "With its national scope, wide breadth of services, talented professionals and well-deserved reputation for integrity, PI has enormous potential in the Canadian marketplace. I look forward to working with the existing team to support our clients, who can be assured that there will be continuity of experienced advice and exceptional client service."
Mr. Ng added, "I look forward to spending the coming weeks meeting our advisors and staff across the country and to further developing plans to capitalize on our unique offering for the benefit of our advisors and clients alike."
Mr. Ng is currently Chairman and CEO of Chippingham Financial Group, based in Toronto, and is the majority owner of The Rothenberg Group of Companies, a leading independent financial services broker based in Montreal and founded in 1979.
About PI Financial Corp.
PI Financial Corp. is an independent, Western Canadian based, full-service investment dealer, providing a wide range of investment products and services to individual, corporate, and institutional investors. It is also one of Canada's top investment banks for small to mid cap Canadian companies and has expertise in the resource, technology, industrial products, transportation, healthcare and consumer discretionary sectors.
Founded in 1982 by Max Meier and John Eymann, PI started with only eight employees and a commitment to serving the best interests of its clients. Today it advises more than 50,000 clients, and has over 300 employees in its 16 offices across Canada.
About Mr. Jean-Paul Bachellerie
Jean-Paul Bachellerie joined PI Financial in 1995 and has been President and Chief Operating Officer since 2001. Jean-Paul has been the architect of PI's very successful acquisition strategy over the last several years. He is a director of The Investment Industry Regulatory Organization of Canada (IIROC), the Canadian Depository for Securities (CDS) and the Canadian Derivatives Clearing Corporation (CDCC). Mr. Bachellerie has over 25 years' experience in the securities industry, initially as a Chartered Accountant with Ernst and Young. He holds a Bachelor of Commerce degree from UBC.
About Mr. Gary Ng
Gary Ng is a Canadian entrepreneur and the owner and CEO of NG Holdings Canada Ltd. Mr. Ng co-founded and serves as Chairman and CEO of Chippingham Financial Group, and is the majority owner of The Rothenberg Group of Companies, acquired in 2018. He started his career in the financial services industry as a futures trader and progressively expanded his licenses to include equity and options trading, and insurance, becoming a top trader and producer at a national investment dealer. Mr. Ng's early career experience included successful entrepreneurial ventures in telecommunications, contract manufacturing and real estate. Mr. Ng was born and raised in Winnipeg and is a graduate of the University of Manitoba with degrees in commerce and science.
SOURCE PI Financial Corp.
For further information: PI Contacts: Max Meier, Chairman, CEO, 604.664.2905; Jean-Paul Bachellerie, President, COO, 604.664.2717; NG Holdings Contact: Gary Ng, CEO, 204.504.6755; Media Contact: Trevor Zeck, Longview Communications & Public Affairs Inc., 604.694.6037