Lorne Park Capital Partners announces the closing of the acquisition of Index Wealth Management Inc.
TORONTO, April 15, 2016 /CNW/ – Lorne Park Capital Partners Inc. (TSXV:LPC) (“LPCP“) announced today that effective April 14, 2016 it has completed the acquisition of all of the issued and outstanding shares in the capital of Index Wealth Management Inc. (“Index”), an independent portfolio manager with offices in Vancouver, Calgary and Winnipeg (the “Transaction”).
Index provides discretionary investment management services, maximizing the benefits of ETFs for individuals and foundations. Index has approximately $120 million in assets under management.
Robert Sewell, the Chief Executive Officer of LPCP and Bellwether commented: “The acquisition of Index is transformative for LPCP and Bellwether Investment Management Inc. (“Bellwether“). With the integration of Index and Bellwether, we have significantly expanded our national reach, our portfolio management team and our ability to offer broader investment solutions to our clients and partner advisors. We are pleased to welcome the Index team to LPCP and look forward to working with them.”
The Transaction is at arm’s length and does not represent a reverse takeover of LPCP nor a fundamental acquisition under the TSX Venture Exchange (“TSXV“) policies and no change of control of LPCP will result from the Transaction.
LPCP acquired the shares in the capital of Index in exchange for the issuance of 1,375,000 common shares of LPCP and cash consideration paid on closing and in two future installments payable in 12 and 18 months, subject to adjustment at each payment date. The total purchase price for the shares is expected to be $2,236,913, subject to future adjustments.
The common shares of LPCP issued pursuant to the Transaction were issued at $0.40 per common share, being approximately equal to the 6 month volume weighted average price of the common shares of the LPCP on the TSXV, determined as of December 31, 2015.
LPCP expects that Index will amalgamate today with LPCP’s wholly owned subsidiary, Bellwether, a registered portfolio manager and investment fund manager, and Index will continue as a division of Bellwether.
About Lorne Park Capital Partners Inc.
LPCP was created to bring together boutique investment management and wealth advisory firms in order to deliver robust, cost effective investment solutions to affluent investors. LPCP’s unique strategy creates better alignment between investment managers and wealth advisors while providing them with additional resources to accelerate their growth.
About Bellwether Investment Management Inc.
Bellwether is a boutique investment manager that offers tailored investment solutions for affluent investors utilizing its proprietary “Disciplined Dividend Growth” Investment Process. Bellwether provides discretionary investment management focused on North American Dividend Growth investing. Bellwether’s suite of investment solutions includes Canadian, US and global equity and fixed income strategies. Bellwether is a subsidiary of LPCP.
About Index Wealth Management Inc.
Index is an independent portfolio manager that provides discretionary investment management services for individuals and foundations. Index manages client portfolios utilizing an investment philosophy which maximizes the benefits of Exchange Traded Funds (ETFs) as its core holdings which are often combined with equity option strategies to enhance income or reduce volatility.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.