Investor, entrepreneur will lead firm as chairman
PI Financial Corp. has been acquired by Canadian investor and entrepreneur Gary Ng.
Ng is 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.
He will become chairman of PI upon closing of the deal which, subject to shareholder and regulatory approvals, should be on November 30, 2018.
The deal is an all-cash total investment of more than $100 million with Ng Holdings Canada Ltd. acquiring 100% of PI from its 54 shareholder employees.
PI is an independent full-service investment dealer and was founded in 1982 by Max Meier and John Eymann. It has grown from 8 employees to more than 300, based in 16 offices across Canada. It has more than 50,000 clients.
"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."
PI will benefit from new ideas
Following the closing, Max Meier, PI's Chairman and CEO, and John Eymann, Vice Chairman, will relinquish their executive roles but will continue as advisors to their clients and counsel to the Executive Committee and management.
"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."
