People Corporation buys benefits consultancies in Quebec, BC, and Alberta

02 December 2020 2 min. read

People Corporation – a Winnipeg-based provider of benefits, retirement, and HR solutions – has acquired Alliance Pour La Santé Etudiante Au Quebec Inc. (ASEQ), Watermark Benefit Consulting Inc., and Encompass Benefits & HR Solutions Inc.

Founded in 1996, Quebec-based ASEQ delivers benefits consulting and administration services to post-secondary students. ASEQ serves approximately 650,000 students through approximately 100 student associations and post-secondary institutions in six provinces. The firm is one of the largest student health and dental plan administrators in Canada.

People Corporation’s acquisition of ASEQ greatly expands its capabilities in serving the post-secondary student segment, enhancing the firm’s national scale and significantly growing its market position in Quebec.

The transaction will add approximately 150 consultants and staff to People Corp, with ASEQ’s founder and management continuing to lead their team.

People Corp. will acquire 100% of ASEQ’s issued and outstanding shares from a group of shareholders for $56.4 million.

People Corporation buys benefits consultancies in Quebec, BC, and Alberta

“ASEQ is a perfect complement to our existing Gallivan and ACL student-focused operations, establishing People Corporation as a top national provider of student benefits solutions,” said Laurie Goldberg, executive chairman and CEO of People Corporation.

Founded in 1984 and based in Kelowna, BC, Encompass provides a full suite of solutions in group benefits, group retirement, HR consulting, and health and wellness. The firm has 19 employees listed on LinkedIn.

Principal Bret Loge will continue to operate the business as part of People Corp.

Watermark was founded in 1993 and is based in Calgary. The firm specializes in employee benefits and group retirement solutions for companies with international and domestic operations. Watermark has two employees, according to LinkedIn.

Watermark will enhance People Corp.’s offering to enterprise-sized clients and will add expertise in international benefits. Principal Jean Iozzo will continue to run Watermark’s operations.

People Corp has more than 1,100 employees across 40 offices in Canada.