iA Financial and RF Capital Group announced that they have entered into a definitive agreement, under which iA will acquire all of the issued and outstanding common shares of RF Capital for $20 per share in cash. This purchase price of $597 million includes a $370 million valuation for RF Capital’s fully diluted equity and $227 million in financial obligations (revolving debt and preferred shares).
RF Capital is a leading independent wealth management company based in Canada, operating under the Richardson Wealth brand. It is renowned for providing comprehensive, client-focused financial advisory services tailored to the high-net-worth market, with assets under administration exceeding $40 billion.
Advisors: CIBC Capital Markets is acting as the exclusive financial advisor, and Goodmans is acting as legal counsel to RF Capital. Cormark Securities Inc. is providing a fairness opinion to the Special Committee and the Board of Directors of RF Capital. Stikeman Elliott is acting as legal counsel to Richardson Financial Group Limited. National Bank Financial Inc. is acting as financial advisor, and McCarthy Tétrault is acting as legal counsel to iA.
KEY QUOTES:
‘’This acquisition aligns with iA’s unique model, the iA way – highlighting our strategic approach to sustainable growth – by expanding our reach in target segments and enhancing our scalable distribution model. We strongly affirm our commitment to the value of advice by empowering advisors with best-in-class tools and preserving their independence so they can assist clients feel secure about their financial future.”
Denis Ricard, President and CEO of iA Financial Group
*“The addition of RF Capital reinforces iA Wealth’s position as a leading non-bank wealth platform in Canada offering additional reach in the independent full-service brokerage channel. By bringing together complementary distribution models, this transaction propels total iA Wealth’s advisory network AUA to about $175 billion7 and creates scale advantages in pricing, distribution, digital and brand strength. This transaction creates exciting opportunities for accelerated growth and strengthens the value proposition for both clients and advisors. We look forward to working with RF Capital ***to empower advisors to grow their businesses and further meet the evolving needs of high-net worth Canadians.”
Stephan Bourbonnais, Executive Vice-President Wealth Management
“This milestone marks an exciting new chapter for RF Capital. By joining forces with iA, we unlock powerful opportunities across technology, product innovation, and operational scale—enhancing the advisor value proposition through expanded capabilities and support. Our advisors will continue to operate independently under the Richardson Wealth brand8, backed by the financial strength and stability of iA Financial Group, and remain fully dedicated to delivering trusted, personalized advice to their clients.”
Dave Kelly, President and CEO of RF Capital
“RF Capital’s board unanimously recommends this transaction, which brings excellent value to all stakeholders and provides a great home for our advisors, employees and clients to continue thriving. We encourage RF Capital shareholders to support the transaction.”
Don Wright, Chair of the RF Capital Board of Directors
“We fully support the board’s decision to accept iA’s offer as being the best path forward to unlocking value for all stakeholders. This is an important decision for us given our support of the firm for over 20 years. We recognize that the best way to position Richardson Wealth for future success is by joining a strong, independent organization with the financial strength and scale to drive growth and a comprehensive range of products to enhance offerings for both advisors and clients.”
Sandy Riley, President and CEO of Richardson Financial Group Limited
