(August 2 – 18:30 ET) – Canadian First Financial Group Inc, based in Kitchener, Ont., says it has completed its arm-length acquisition of the assets of EFI Financial Services Inc., a subsidiary of EFI Financial Group Inc. The purchase price was $227,500, made up of $150,000 in cash and 50,000 common shares of CFFG. EFI markets a variety of life insurance and investment products through its network of over 150 independent advisors throughout Ontario and British Columbia.
CFFG says this marks the last chapter of a year-long initiative to expand its distribution network and portfolio of products.
Peter Williams, CFFG’s chairman and CEO said in a statement, “this transaction will add tremendous expertise and capacity for CFFG in a key sector of financial services. I see the consumer being the ultimate winner here, as he or she now has access to an even wider array of products and services developed through our broadening network of financial advisors.”
To bolster the company’s expansion strategy, CFFG recently announced the addition of a number of key executives. These included Brian Cochrane as executive vice president of operations and technology, Don Hyslop as executive vice president and CFO and Rob Taylor as CEO and president of Hewmac Investment Services. Taylor will also remain as president of EFI Financial Services.
CFFG is a public management and holding company with integrated business interests in the financial services sector. Its principal subsidiaries are Ross Dixon Financial Services, Hewmac Financial Group and Burgeonvest Securities.
-IE Staff