Ontario East sold to Bridgeforce Financial
The Company
Ontario East Insurance Agency Ltd. was a well – established broker/distributor of insurance and related financial service products. Located in Toronto and serving Eastern Ontario markets the company was annually ranked in the top 3 Equinox Financial franchises for production of life insurance, living benefits and investment products. The business was owned by David Juvet who purchased first a minority interest then sole ownership of the agency.
The Divestiture
After reading a column our company had written for the Globe & Mail Report on Business, David reached out. With his children all pursuing other career interests he made the decision to sell the business years in advance of ever going to market. The most logical buyers were other Managing General Agencies positioned to leverage the company’s assets. In the middle of the process an unexpected acquisition opportunity surfaced. As a result, we placed the divestiture on hold, to complete the acquisition and then went back to market. This extended the timetable but served to enhance overall enterprise value.
The Results
The business was sold to Bridgeforce (Ontario) a group of Managing General Agencies. As was his plan, after the sale of his business, David then returned to financial advisory work.