Business
Everyday People Financial Signs Share Purchase Agreement to Acquire CCS Group Holdings Limited, and Secures C$6.0 Million (£3.3 Million) in Debt Financing from a Leading UK Bank
Edmonton, Alberta--(Newsfile Corp. - September 23, 2024) - Everyday People Financial Corp. (TSXV...
About this update from Everyday People Financial Inc
[{"type":"text","content":"Everyday People Financial Signs Share Purchase Agreement to Acquire CCS Group Holdings Limited, and Secures C$6.0 Million (£3.3 Million) in Debt Financing from a Leading UK BankEdmonton, Alberta--(Newsfile Corp. - September 23, 2024) - Everyday People Financial Corp. (TSXV: EPF) (OTCQB: EPFCF) (\"Everyday People\" or the \"Company\"), a financial service provider, is pleased to announce that on September 23, 2024, its wholly-owned subsidiary, BPO Collections Limited (\"BPO\"), entered into a share purchase agreement (the \"Purchase Agreement\") with the shareholders of CCS Group Holdings Limited (the \"Shareholders\") to acquire 100% of the issued and outstanding shares (the \"Acquisition\") in the capital of CCS Group Holdings Limited (the \"CCS Shares\") and acquire CCS Group Holdings Limited's wholly-owned subsidiary, Commercial Collection Services Limited (\"CCS\" and together with its parent company, \"CCS Group\"). All amounts are expressed in Canadian dollars (\"C; CAD\") and British Pound Sterling (\"£; GBP\") using the Bank of Canada rate on September 23, 2024, GBP=CAD$1.8049.CCS was founded in 1988 and is actively engaged in debt collection services in the United Kingdom (\"UK\") and is authorized and regulated by the Financial Conduct Authority (\"FCA\"). CCS offers services across various sectors, including tax collection, healthcare debts, and unpaid student loans. CCS emphasizes supporting individuals in managing and reducing debt, offering a customer portal for convenient debt management. CCS also holds certifications in quality and information security management, indicating its commitment to service excellence and data protection.\"Securing our fourth acquisition in just under two years is a significant milestone for our revenue cycle management business pillar. Each acquisition enhances our capabilities and strengthens our market position,\" said Gordon Reykdal, Executive Chairman of the Company. \"We anticipate CCS to contribute an annual EBITDA of C$1.1 million (£600,000) to C$1.4 million (£750,000), driving the Company's steady growth through strategic acquisitions. This aligns with our ongoing commitment to strengthening our position as a leader in revenue cycle management.\" Details of the AcquisitionPursuant to the terms of the Purchase Agreement BPO will acquire the CCS Shares in exch...