Dundee Corporation Announces the Sale of Dundee Securities Ltd. to Echelon Wealth Partners Inc.
TORONTO, Dec. 14, 2018 (GLOBE NEWSWIRE) — Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announced the sale of Dundee Securities Ltd. (“Dundee Securities”) to Echelon Wealth Partners Inc. (“Echelon”) for total consideration of $4 million. This transaction is also expected to provide Dundee with additional liquidity from Dundee Securities of up to $5 million and ongoing cost savings. In October 2018, approximately $15 million of regulatory capital supporting Dundee Securities was provided to Dundee Corporation.
As part of this transaction, veteran investment professional Les Sherman and his team will be joining Echelon in their Toronto office.
“The sale of Dundee Securities is consistent with our strategy of streamlining our portfolio of investee companies and focusing our efforts on core businesses that are positioned to deliver long-term shareholder value,” said Jonathan Goodman, Chairman and CEO, Dundee Corporation. “Prior to the closing of this transaction, our capital markets team at Dundee Goodman Merchant Partners, which was operating as part of Dundee Securities, was transitioned to operate as part of Goodman & Company Investment Counsel.”
“We would like to thank Les and his team for their many years of dedication and wish them well as they transition their business to the Echelon platform,” said Robert Sellars, Executive Vice President, and Chief Financial Officer, Dundee Corporation.
All required regulatory approvals have been received and the transaction is due to close at the end of business on December 14, 2018.
About Echelon Wealth Partners
Echelon Wealth Partners Inc. is a Canadian independent wealth management and capital markets firm known for its client-centred approach and innovative, entrepreneurial spirit. The company has approximately 58 Advisor and Portfolio Manager Teams with more than $5 billion in assets under administration and management. Echelon offers a wide range of financial services for individuals, households, institutions and corporate clients from its offices in Toronto, Oakville, Ottawa, London, Montreal, Saskatoon, Calgary, Edmonton, Vancouver and Victoria. Echelon Wealth Partners is a member firm of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF). www.echelonpartners.com
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking information with respect to future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The reader is referred to the documents which the company files from time to time with applicable securities and regulatory authorities.
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