Jovian Capital Corp., the parent company of Rice Financial Group Inc., has entered into a definitive agreement to acquire a 90% interest in T.E. Financial Consultants Ltd.

The financial advisory firm, which has over $1.1 billion in assets under management, has offices from coast to coast with a major presence in both Montreal and Toronto.

“This transaction signifies a win-win situation for Jovian and T.E. Financial. Jovian invests in companies with both strong market positions and management teams. We are happy to partner with this management team,” said Philip Armstrong, Jovian president and CEO, in a news release.

Tim Egan, chairman & founder of T.E. Financial, will continue to lead the company, focusing on maintaining T.E. Financial’s leadership in providing fee-only financial advice.

“Jovian Capital’s business model works very well for us and for our clients,” said Egan. “We have worked very hard over the past three decades to build a trusted name in wealth management, and Jovian Capital will enable us to continue to grow by adding their experience, resources and economies of scale,” he added.

The agreement provides for the acquisition by Jovian of approximately 90% of T.E. Financial’s issued and outstanding voting shares, for approximately $7,300,000 in cash at closing.

The deal, which is subject to regulatory approval, is expected to close or about October 10.

T.E. Financial adds to the expansion of Jovian Capital’s wealth management arm, which includes McFarlane Gordon Inc., a full service investment dealer servicing retail and institutional investors, and Winnipeg-based Rice Financial Group Inc., a fully-integrated, community-based retail financial services company.