Jovian Capital Corp. announced today that its subsidiary Jovian Asset Management Inc. has partnered with Fairway Asset Management Corp of Toronto, increasing Jovian’s managed assets by approximately $600 million.

The transaction, which was first announced on May 2, has now received all required approvals, and all documents and funds have now been released from escrow.

Fairway is a holding company that owns a number of Canadian asset management companies, including 100% of the issued and outstanding shares of Fairway Capital Management Corp., a Canadian-based financial services firm that creates, markets and manages investment products.

Jovian President and C.E.O. Philip Armstrong said, “This acquisition expands our asset management platform and provides our clients with investment expertise in the Life Science sector. We believe there will be considerable investment opportunities for some time to come in this sector. This also provides us with a strong base to grow our structured product and alternative asset offerings and further diversifies our revenue base.”

Armstrong added, “The total purchase price represents an estimated 4 times EBITDA multiple. We believe this represents very good value for our shareholders given the valuations currently ascribed to asset management companies.”