(November 8 – 16:35 ET) – Earlier today Montrusco Bolton Inc. and First International Asset Management Inc. completed the plan of arrangement whereby First International Asset Management Inc. will acquire all of the common shares of Montrusco Bolton at a price of $14.25 a share.

Under the terms of the arrangement, which was announced on August 30, certain employee shareholders will exchange their shares in Montrusco Bolton for shares of a newly created subsidiary of First International. After the transaction, management will own a 30% fully diluted interest in the subsidiary with First International owning a 70% interest. All other shareholders, including certain departed employee shareholders, will receive cash.

Sylvain Boulé, president and CEO of Montrusco Bolton, said following closing “We are very proud to officialize the strong relationship we have already established since our partnership was announced on August 30, with First International. Our clients, partners and associates will also have peace of mind in having this transaction approved and our ownership structure settled. We are all excited about the prospects of Montrusco Bolton going forward.”

Established in 1997, First International is a privately held company, whose financial sponsors include CIBC World Markets, Goldman Sachs and Soros Private Equity Partners.

First International has completed a number of investments to date to form partnerships with the following asset management firms: 49% of Beutel, Goodman & Company Ltd.; 100% of Triax Capital Holdings Ltd.; 50.01% of Foyston, Gordon & Payne Inc.; 60% of Covington Capital Corporation; 33.3% of Deans Knight Capital Management Limited; 100% of Triax Investment Management Inc., 85% of Northwest Mutual Funds Inc.; 100% of Marathon Mutual Funds Inc.; 50.01% of 360 Capital Corp.; 100% of Groupe Financier Concorde Inc. and 60% of Money Concepts (Canada) Ltd.
-IE Staff