Vancouver-based brokerage PI Financial Corp. is being acquired by a pair of investment firms, H.I.G. Capital and RCM Capital Management.
PI, which was acquired from the firm’s employees in 2018 by NG Holdings Canada Ltd., is being sold to a joint venture controlled by H.I.G. Capital, a Miami-based private equity firm, and RCM Capital Management, a Vancouver-based asset manager.
The terms of the transaction, which remain subject to regulatory approval, were not announced.
Following the deal, PI will continue to be run by its existing management team “with no changes to the firm’s investment personnel, day-to-day operations, capital or client accounts,” the firm said in a statement.
“We fully support the PI executive leadership team, their strategy and their talented teams of financial advisors and capital markets professionals,” said John Yeager, managing director of H.I.G. Capital, in the statement.
Jean-Paul Bachellerie, CEO of PI, said, “We expect the ownership transition to be seamless for our team and our clients, and we look forward to building on our momentum with the support of our new owners.”