Toronto-based Gravitas Financial Inc. has entered into an agreement to purchase 40% of issued and outstanding shares of Portfolio Analysts Inc., the parent company of Calgary-based Portfolio Strategies Corp.
The share purchases will be made in cash by Gravitas’ wholly owned subsidiary Gravitas Investment Services Holdings Inc. No financing will be required to complete the deal. The acquisition is subject to regulatory approval, Gravitas satisfaction with due diligence and the execution of a shareholders agreement between the parties.
Gravitas provides capital market services to private and public company clients. Portfolio Strategies is an independent mutual fund and exempt market dealer with over $2.1 billion in assets under administration and more than 270 advisors in B.C., Alberta, Saskatchewan, Manitoba and Ontario.