Rice Financial Group Inc. has acquired 80% of Harry James Financial Services Ltd., a financial advisory firm in Markham, Ont.

Harry James Financial employs a team of salaried advisors, and was founded by Harry James nearly 20 years ago.

The total purchase price was $2.8 million, paid in a combination of cash, debt and common shares of Jovian Capital Corp., the parent company of Rice Financial.

A deal has been struck for Rice Financial to purchase the remaining 20% in five years.

“This transaction will strengthen Rice Financial’s presence in Ontario, which is certainly one of our key strategies,” says Dave Velanoff, president and CEO. “We are excited about partnering with one of Canada’s premier financial advisory boutiques, and we feel that the business model that has been successfully employed at Harry James Financial can be applied to some of Rice Financial’s existing branches,” he added.