Kitchener-based managing general agency (MGA) Financial Horizons Inc. is continuing to expand its presence in Western Canada, with the acquisition of Saskatoon-based Performance Financial Services Inc.

Financial Horizons announced on Monday that the two companies have signed a letter of intent to join forces. The transaction involves the purchase of 100% of the shares of Performance Financial Services in exchange for cash and shares in Financial Horizons Groups’ parent company, Granite Global Solutions. The transaction is expected to close in October of 2014.

The deal marks Financial Horizons’ third acquisition in Western Canada in the past two years. The firm acquired Winnipeg-based Audis Canada Ltd. in September 2012, and Alberta-based Optio Financial Facilitators in December 2012.

“This acquisition is another strategic step in the growth of Financial Horizons,” said John Hamilton, president and CEO. “This allows us to further expand our position in Western Canada and importantly, provide direct service and support to advisors affiliated with our recent Western Canada acquisitions – Audis Canada and Optio Financial Facilitators.”

Once the deal is completed, Financial Horizons Group will have more than 7,000 advisors, more than $5 billion in segregated fund assets, and in excess of $300 million of life insurance premiums in force.

Performance Financial Services launched as an MGA in 1999, and has since grown steadily through acquisitions and organic growth.

“I am thrilled to be joining such a strong MGA and to have the support for our dedicated advisors and staff,” said Ken Mossing, president of Performance Financial Services. “This venture allows us to not only stay in business, but greatly enhance the products offerings and service levels to our advisors.”

Mossing will join Financial Horizons’ executive team as vice president, Saskatchewan, reporting to Paul Isaacson, president of Financial Horizons’ Western Canada operations.

The management team, office and staff of Performance Financial Services will remain unchanged, and for the immediate future, the firm will continue to operate under the Performance Financial brand. On a day-to-day basis, it will be “business as usual” for the advisors and clients of Performance Financial, the firms said.