People Corp Acquires Bencom Financial Services Group Inc

People Corp announced that it is further expanding its national presence through the acquisition of Bencom Financial Services Group Inc. ("Bencom") in a transaction valued at approximately $5 million. Bencom was established in 1982, and provides group benefit solutions, group retirement solutions, and individual benefit solutions to approximately 200 mid-market corporate clients located primarily in Ontario. Based in Kitchener, Ontario, Bencom is committed to the highest standards in client service, which has resulted in a strong client base and a highly successful business. The acquisition has an effective date of December 3, 2012. The cash portion of the transaction will be financed through a combination of existing cash resources as well as drawing on the acquisition credit facility that the Company has in place with its bank, CIBC. Taking into account the drawings for this and previously announced transactions, People Corporation has drawn $3.75 million on its acquisition credit facility.