Saturday, April 1, 2023

Desjardins closes $750 million Worldsource acquisitions

“I am thrilled to have closed this main transaction, which consolidates Desjardins’ place as a pacesetter in unbiased distribution throughout Canada,” mentioned Man Cormier, president and CEO of Desjardins Group.

Cormier mentioned that the group had been prioritising its nationwide development acquisition in recent times, and that its acquisition of Worldsource significantly strengthened its development technique throughout Canada.

As of September 30, 2022, $23 billion price of Guardian Capital Group’s property below administration associated to the three newly acquired Worldsource entities.

“We’re happy with the companies we now have constructed over the previous three a long time and have full confidence of their persevering with success sooner or later,” mentioned George Mavroudis, president and CEO of Guardian Capital Group. “The sale of those companies permits us to concentrate on our core asset administration operations supported by a big capital base.”

Mavroudis beforehand mentioned the group had taken “nice consolation” within the considered Desjardins Group succeeding it as proprietor of the Worldsource companies. “Desjardins has the imaginative and prescient, assets and long-term dedication to supply the staff and advisors an atmosphere to thrive and attain even larger ranges of success,” he had mentioned.

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