Canadian company iA Financial has agreed to acquire RF Capital Group, a wealth management-focused company, in a deal valued at around C$597m ($435.1m).
The deal will see iA purchase all outstanding common shares of RF Capital for C$20 each.
The purchase price includes a C$370m valuation for RF Capital’s fully diluted equity and C$227m in financial obligations, such as revolving debt and preferred shares.
The acquisition will be financed through iA’s existing cash reserves.
iA Financial Group president and CEO Denis Ricard said: “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.”
RF Capital, operating under the Richardson Wealth brand, is an independent wealth management firm in Canada, managing over C$40bn in assets.
The firm focuses on providing tailored financial advisory services to high-net-worth clients and has 23 offices across Canada.
RF Capital president and CEO Dave Kelly said: “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 brand, backed by the financial strength and stability of iA Financial Group, and remain fully dedicated to delivering trusted, personalised advice to their clients.”
The completion of the acquisition is anticipated in the fourth quarter of 2025.
CIBC Capital Markets is serving as the exclusive financial advisor to RF Capital, with Goodmans LLP providing legal counsel.
National Bank Financial is advising iA, with McCarthy Tétrault LLP acting as its legal counsel.
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