PEOPLE CORP., the Winnipeg-based national provider of group benefits, group retirement and human resources services has acquired Bencom Financial Services Group Inc. of Kitchener, Ont.
It's one of the largest deals People Corp. has done since it started acquiring independent consulting businesses in the field. Bencom Financial is its third acquisition since September.
People Corp. CEO Laurie Goldberg said the company paid $5 million for the highly regarded southern Ontario firm, which provides group-benefit solutions, group-retirement solutions, and individual-benefit solutions to about 200 mid-market corporate clients.
"This demonstrates the momentum we have in executing our growth strategy," Goldberg said. "Consistent with our previous acquisitions, the owners of Bencom recognized the unique value proposition that we offer partner companies, whereby they continue to run their businesses but are able to leverage the resources and capabilities of a large, well-capitalized national organization such as People Corporation, all of which ultimately benefit our clients."
On the group-benefit side, People Corp. is approaching $500 million in premiums. It provides benefits to more than 300,000 employee and more than 200,000 students at universities and colleges and has about 200 staff. Last year it reported revenue of $24.3 million and $517,000 profit. The company will report its Aug. 31, 2012, year-end results next week.