Business
Everyday People Financial Closes Acquisition of Groupe Solution Collect Solu
Acquisition will bolster Everyday People's revenue cycle management services Edmonton, Alberta--...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial Closes Acquisition of Groupe Solution Collect SoluAcquisition will bolster Everyday People's revenue cycle management servicesEdmonton, Alberta--(Newsfile Corp. - March 31, 2023) - Everyday People Financial Corp. (TSXV: EPF) (\"Everyday People\" or the \"Company\"), a Canadian-based financial services company, is pleased to announce that its wholly-owned subsidiary, General Credit Services Inc. (\"General Credit\"), has closed the acquisition previously announced by the Company in its press release dated March 21, 2023 (the \"Acquisition\") of Groupe Solution Collect Solu Inc. (\"Groupe Solution\"), one of Canada's premier providers of revenue cycle management services, pursuant to a definitive share purchase agreement (the \"Purchase Agreement\") dated March 20, 2023, entered into by and between the Company, General Credit, Everyday People Investments Inc., both subsidiaries of the Company, Groupe Solution, and the direct and indirect shareholders of Groupe Solution (the \"Shareholders\"), pursuant to which General Credit acquired from the Shareholders all of the issued and outstanding shares in the capital of Groupe Solution. The Company is also pleased to announce that the Company successfully entered into a new credit arrangement totaling C$5.3 million, to be used by General Credit to complete the Acquisition and to repay General Credit's C$1.9 million Alberta Treasury Branch (\"ATB\") existing loan facility.Groupe Solution serves enterprise clients requiring accounts receivable management, collections and bill presentment, and payment management solutions, including banks and other financial institutions, telecom and utility companies, property management and construction firms, governments, healthcare providers, transportation, logistics businesses, and more. \"We are excited to welcome the Groupe Solution team and look forward to achieving our strategic and financial objectives by leveraging our combined expertise and resources,\" said Barret Reykdal, CEO of Everyday People. \"This acquisition is just one of many ways that we are working towards advancing our services and expanding our reach. We are committed to continuing to provide our clients with the highest quality of service.\"Details of the AcquisitionPursuant to the terms of the Purchase Agreement, General Credit acquired 100% of the issu...