People Corporation, a national provider of group benefits, group retirement and human resource services, has bought a Waterloo group benefits business, its third acquisition this year.
Established in 1991 Fairles Benefit Services Inc. provides group benefits and group retirement consulting to a broad range of clients in the Southwestern Ontario region.
It will continue to operate as Fairles Benefit Services Inc. in close association with Bencom Financial Services Group Inc. which People Corp. acquired in December, 2012.
Earlier this month People Corp., which has offices across the country, acquired Bryan H. Lupe and Associates of Winnipeg and in March the company acquired an increased economic interest in a portfolio of group-benefits clients from an Ontario-based brokerage firm.
Terms of the transaction were not disclosed.
A company statement it expects the Fairles transaction will have an immediate positive impact on revenue and EBITDA.
The purchase price will be funded through existing cash resources, including from the proceeds of the company’s $10.4 million private placement that was completed in April 2014.