Morneau Sobeco Income Fund is buying substantially all of the assets of Shepell-fgi in a deal that will double the size of the company and its employee base.
Total consideration for the assets is approximately $321.9 million to be paid over two years to Clairvest Group, which invested in Shepell-fgi in October 2005.
“Employers face increasing challenges in managing the health and productivity of their workforce,” says William Morneau, chairman and CEO of Morneau Sobeco. “Shepell-fgi’s recognized leadership in workplace health and productivity solutions will complement our firm’s leadership in pensions and benefits, and thereby serve a broader spectrum of organizations’ human resource management needs.”
Morneau Sobeco and Shepell-fgi will maintain their existing leadership teams and brand identities, and will continue using their current client service models. They will continue to serve their clients independently.
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