Fiera Capital announces the closing of the acquisition of Foresters Asset Management Inc.

Fiera Capital announces the closing of the acquisition of Foresters Asset Management Inc.

Canada NewsWire

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/

MONTREAL, Aug. 16, 2019 /CNW Telbec/ - Fiera Capital Corporation (“Fiera Capital”) (TSX: FSZ) announced today that it completed its previously announced acquisition of all the issued and outstanding shares of Foresters Asset Management Inc. from Foresters Life Insurance Company, following receipt of all necessary approvals. Upon closing, Foresters Asset Management Inc. was renamed Fiera Capital Fund Management Inc. (“FCFM”).

FCFM acts as investment fund manager and portfolio manager to the imaxx family of mutual funds, which are investment funds offered to the public, and to Foresters Asset Management Canadian Bond Pool (whose name will be changed to Fiera SFI – Canadian Universe Bond Fund shortly after closing), which is an investment fund offered pursuant to exemptions from the prospectus requirement (collectively, the “Funds”).  

Shortly following closing of the transaction, Fiera Capital will incorporate the FCFM business into its existing Canadian operations, by amalgamating Fiera Capital and FCFM, as well as by effecting certain changes to FCFM’s senior officers, directors and portfolio managers during the interim period between closing and amalgamation. As a result of these changes, Fiera Capital will become manager and portfolio manager of the Funds.

Unitholder approvals were obtained for the change of manager of the Funds at special meetings held on August 9th and 13th. In addition, unitholder approval was obtained to amend the trust agreements governing the Funds to grant the manager of the Funds the right to effect a change of auditor without unitholder approval. FCFM has exercised this right and so it is anticipated that the auditor of the Funds will change from Ernst & Young LLP to PricewaterhouseCoopers LLP on or about September 17, 2019.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with approximately C$149.5 billion in assets under management as of June 30, 2019. The firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital’s depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieracapital.com

In the U.S., asset management services are provided by the firm’s U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.

Additional information about Fiera Capital Corporation, including the firm’s annual information form, is available on SEDAR at www.sedar.com.

SOURCE Fiera Capital Corporation

View original content: http://www.newswire.ca/en/releases/archive/August2019/16/c4600.html

Fiera Capital completes acquisition of Foresters Asset Management Inc

Fiera Capital completes acquisition of Foresters Asset Management Inc

Canada NewsWire

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/

MONTREAL, Aug. 16, 2019 /CNW Telbec/ – Fiera Capital Corporation (“Fiera Capital”) (TSX: FSZ), a leading independent asset management firm, announced today that it completed its previously announced acquisition of all the issued and outstanding shares of Foresters Asset Management Inc. from Foresters Life Insurance Company. Upon closing, Foresters Asset Management Inc. was renamed Fiera Capital Fund Management Inc. (“FCFM”).

FCFM is an Ontario-based investment management firm focused on institutional and insurance liability-driven investment (“LDI”) with approximately $10.9 billion in assets under management (“AUM”) as of July 31, 2019.

Shortly following the closing of the transaction, Fiera Capital will incorporate the FCFM business into its existing Canadian operations, by amalgamating Fiera Capital and FCFM, as well as by effecting certain changes to FCFM’s senior officers, directors and portfolio managers during the interim period between closing and amalgamation. As a result of these changes, Fiera Capital will become manager and portfolio manager of the funds previously managed by FCFM. All required unitholder and regulatory approvals were obtained. Details about the changes were contained in meeting materials that were mailed to unitholders on July 19, 2019.

The transaction is expected to be accretive to adjusted EPS within the first full year post closing.

Forward-Looking Information

This announcement contains forward-looking statements. These statements relate to future events and reflect management’s expectations or beliefs regarding such future events, based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as “may”, “will”, “plans”, “believes”, “expects”, “aims”, “intends”, “anticipates”, “estimates”, “projects” or words or terms of similar substance or the negative thereof.

With respect to management expectations regarding accretion resulting from this transaction in 2019, financial performance is based on information available to management and certain assumptions, including the accuracy of FCFM’s financial statements, the level of AUM by FCFM retained following the acquisition, as well as assumptions regarding the growth in FCFM AUM and realization of synergies. Actual results could differ depending on a number of factors, including the ability to retain key personnel following the acquisition, the ability to retain clients and AUM following the acquisition and general market conditions.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital’s interim and annual consolidated financial statements, and its Annual Report and Annual Information Form filed on www.sedar.com. These forward-looking statements are made as of the date hereof, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with approximately C$149.5 billion in assets under management as of June 30, 2019. The firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital’s depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieracapital.com

In the U.S., asset management services are provided by the firm’s U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.

Additional information about Fiera Capital Corporation, including the firm’s annual information form, is available on SEDAR at www.sedar.com.

SOURCE Fiera Capital Corporation

View original content: http://www.newswire.ca/en/releases/archive/August2019/16/c8215.html

Ceres Global Ag Completes Acquisition of Delmar Commodities, Ltd.

Ceres Global Ag Completes Acquisition of Delmar Commodities, Ltd.

Canada NewsWire

MINNEAPOLIS, MN, Aug. 16, 2019 /CNW/ – Ceres Global Ag Corp. (TSX: CRP) (“Ceres” or the “Company”), a global agricultural, energy and industrial products merchandizing and supply chain company, has announced today that it has completed its acquisition of Delmar Commodities, Ltd. (“Delmar”) based in Winkler, Manitoba. Ceres has acquired 100% of Delmar’s issued and outstanding shares for approximately CAD $15.25 million in cash paid to Delmar’s shareholders, and the assumption of approximately $7.6 million in existing term debt. The acquisition was funded with a combination of debt and existing working capital.

Ceres Global Ag Corp. (CNW Group/Ceres Global Ag Corp.)

“With the completion of this acquisition we have made meaningful progress on our goal to diversify our product lines, add strategic origination capabilities for our core products, and expand our geographic footprint in Canada,” said Mr. Robert Day, President and Chief Executive Officer at Ceres. “We welcome the talented team at Delmar to Ceres and look forward to working together as we continue to execute on our growth strategy.” 

About Ceres Global Ag Corp. (ceresglobalagcorp.com)

Through its network of commodity logistics centers and team of industry experts, Ceres procures and supplies North American agricultural commodities and value-added products, industrial products, fertilizer, and energy products, and provides reliable supply chain logistics services to customers worldwide.

Ceres operates five locations, Duluth, MN; Minneapolis, MN; Shakopee, MN; Northgate, Saskatchewan; and Port Colborne, Ontario, and is headquartered in Minneapolis, MN. Its facilities throughout North America have an aggregate grain and oilseed storage capacity of approximately 29.7 million bushels.

Ceres also has a 50% interest in Savage Riverport, LLC, a joint venture with Consolidated Grain and Barge Co., a 25% interest in Stewart Southern Railway Inc., a short-line railway located in southeast Saskatchewan with a range of 130 kilometers, and a 17% interest in Canterra Seed Holdings Ltd, a Canada-based seed development company.

For more information, please visit www.ceresglobalagcorp.com.

About Delmar Commodities, Ltd.

Delmar Commodities, Ltd. is a Manitoba-based agricultural processing and supply chain company with four primary business lines: Grain merchandizing, soybean crush, birdfeed production and sales, and is the exclusive distributor in western Canada of Legend Seed products under a license and distribution agreement with Legend Seeds, USA. 

For more information, please visit www.delmarcommodities.com.

Cautionary Notice: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and United States securities laws. Forward-looking information may include, but is not limited to, statements regarding future operations and results, anticipated business prospects and financial performance of Ceres and its subsidiaries, including the  integration of Delmar, the plans, costs, timing and capital for the further development of the Northgate Commodities Logistics Centre, expectations or projections about the future, strategies and goals for growth, expected and future cash flows, costs, planned capital expenditures, regulatory change, general economic political and market conditions anticipated capital projects, construction and completion dates, operating and financial results, critical accounting estimates, the expected financial and operational consequences of future commitments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, “may have implications” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved.” Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Key assumptions upon which such forward-looking information relating to the subject matter of this press release is based include
 successfully integrating Delmar’s operations and its employees into Ceres’ overall business, as well as those matters listed in the “Forward-Looking Information” section of the MD&A for the period ended March 31, 2019. Many such assumptions are based on factors and events that are not within the control of Ceres and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include, among others, risks related to weather, politics and governments, changes in environmental and other laws and regulations, competitive factors in agricultural, food processing and feed sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, global and local economic conditions, the ability of Ceres to successfully implement strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Corporation’s assets, the availability and price of commodities and regulatory environment, processes and decisions. Although Ceres has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results that are not anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Ceres undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

SOURCE Ceres Global Ag Corp.

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