Search company, investor...

Founded Year



Acquired | Acquired

About Silverberg Group

Silverberg Group is a privately owned employee benefits advisor. Silverberg Group helps businesses get group benefits plans for employees and families.

Headquarters Location

140 10 Ave SE Suite 1020

Calgary, Alberta, T2G 0R1,


(403) 234-7878



Latest Silverberg Group News

People Corporation Announces Acquisition of Silverberg Group and $35 Million Bought Deal Private Placement Common Share Offering

Aug 1, 2018

| Source: People Corporation Not for distribution to United States newswire services or for dissemination in the United States Establishes the People Corporation Group of Companies as a Market Leader in Alberta and Enhances Platform for Further Growth in Western Canada WINNIPEG, Manitoba, Aug. 01, 2018 (GLOBE NEWSWIRE) -- People Corporation (TSX-V: PEO) (the “Company”) announced today the completion of the acquisition of Silverberg & Associates Inc. (“Silverberg Group” or “Silverberg”), one of the largest independent privately-owned employee group benefits consulting firms in Western Canada (the “Transaction”). Combined with the Company’s existing operations in Alberta, the Transaction establishes People Corporation as a market leader in this large and highly attractive market. Silverberg Group was established in 1996 and operates throughout Alberta, offering specialized employee benefits consulting to companies of all sizes from a variety of industries. With offices in Calgary, Edmonton and Lethbridge, Silverberg’s client base includes over 800 businesses throughout the province. With an approach of providing superior value to its clients by addressing their varying needs through sophisticated advice on plan design and access to a broad product portfolio, Silverberg Group has developed a highly-trusted brand, and has grown significantly over the years. Silverberg’s principals, Doug Silverberg, Scott Silverberg and Paul Ingram, will continue to run the operations as part of the People Corporation group of companies, and their highly-talented and dedicated team of Consultants, Managers and staff will continue to provide industry-leading service to its clients. “The addition of Silverberg Group to the People Corporation family is strategically important in our ongoing quest to build the premier independent national provider of group benefits, group retirement and human resources consulting services,” commented Mr. Laurie Goldberg, Chairman and CEO of People Corporation. Mr. Goldberg continued, “By adding a business with the scale and capabilities of Silverberg Group, we have solidified our position as the preeminent group benefits and group retirement solution provider in Alberta, and have positioned ourselves for additional growth in Western Canada.”    Mr. Goldberg added, "The excellent reputation, deep capability and innovative, client-focused approach to doing business that exists among Silverberg’s management and staff, partnered with a national company with scale such as ours, provide the combined organizations with significant competitive advantages. We are very proud to be associated with such a highly respected and successful organization and are very excited to welcome Doug, Scott, Paul and the rest of the Silverberg team into the People Corporation family.” “At Silverberg Group, we are very proud of our ability to offer superior value to our clients for each employee benefits dollar they spend, by offering a broad portfolio of products and many services our competitors cannot,” said Doug Silverberg. “In partnering with People Corporation, our clients will continue to benefit from this approach, and will have access to an even broader suite of products and services from a partner with national scale.” Scott Silverberg added, “Our thirst for enhanced innovation and cost effectiveness for our clients was at the forefront of our decision. People Corporation shares our commitment to providing exceptional advice, products and services to clients. With its reputation, technology and exceptional leadership, we are excited to be part of People Corporation and to continue to grow our business and serve our clients in an evolving group benefits sector.” The payment of $29.0 million in cash on closing, subject to post-closing adjustment for working capital, represents the purchase price for an initial 75% economic interest in Silverberg. The Company has also entered into an agreement with the principals of Silverberg whereby they will retain a 25% economic interest in the business through the ownership of special shares of Silverberg. These shares may, in the future, be acquired by People Corporation, or sold by the holders to People Corporation, subject to certain terms and conditions. The Transaction is structured such that People Corporation will own 100% of the voting shares. The cash payment at closing was funded by the Company from $29.0 million drawn on the Acquisition Revolver component of the Company’s credit facilities with its senior lenders. In conjunction with this Transaction, the Company exercised the Accordion Feature on its credit facilities, thereby increasing the overall size of its credit facilities from $82.8 million to $97.8 million, of which $63.8 million is represented by the Acquisition Revolver component. Mr. Goldberg concluded, “This Transaction once again demonstrates our focus on firms that have a client-first philosophy, and our ability to work together to complete transactions that result in all parties’ objectives being achieved. Finally, the funding for the Transaction is evidence of the strong support, which we very much appreciate, from our senior lenders and the capital markets. With ongoing access to capital and ambitious growth plans, we look forward to continuing to execute on our strategic plan to create the leading employee group benefits, group retirement and HR consulting services company in Canada.” Bought Deal Private Placement Common Share Offering In connection with the Transaction, People Corporation has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. (collectively the “Underwriters”) pursuant to which the Underwriters have agreed to purchase on a bought deal private placement basis, 4,546,000 common shares (the “Shares”) at a price of $7.70 per Share (the “Issue Price”), for gross proceeds to the Company of approximately $35.0 million (the “Offering”). The Underwriters have also been granted an option, exercisable in whole or in part at any time prior to the closing date of the Offering, to purchase for resale up to an additional 15% of the Shares sold pursuant to the Offering at the Issue Price, which would result in additional gross proceeds of approximately $5.25 million. The Offering is scheduled to close on or about August 21, 2018. The Company intends to use the net proceeds of the Offering to pay down the Company’s Acquisition Revolver, which was drawn down to fund the Transaction, and for growth initiatives. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and any applicable securities regulatory authorities. The Underwriters have agreed to endeavour to arrange for substituted purchasers for the Shares. This press release does not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for account or benefit of, U.S. persons, absent registration or applicable exemption from the registration requirements. Any public offering of securities in the United States must be by means of a prospectus containing detailed information about the Company and management as well as financial statements. About People Corporation  People Corporation is a national provider of group benefits, group retirement and human resource services. The Company has offices across Canada; each led by a team of experts and backed by the resources of a national company that is traded on the TSX-V. The Company's industry experts provide uniquely valuable insight while customizing an innovative suite of services to the specific needs of its clients. Whatever your sector, whatever your scale, putting People Corporation's expertise and proven track record to work will make a difference to your people and your bottom line. Further information is available at . Forward-Looking Information  This news release contains “forward-looking statements” within the meaning of applicable securities laws, such as statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Use of words such as “may”, “will”, “expect”, “believe”, "intends", "likely", or other words of similar effect may indicate a “forward-looking” statement. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including those described in the Company's publicly filed documents (available on SEDAR at ). Those risks and uncertainties include the performance of the business acquired pursuant to the Transaction, the ability to maintain profitability and manage organic or acquisition growth, reliance on information systems and technology, reputation risk, dependence on key clients, reliance on key professionals and general economic conditions. Many of these risks and uncertainties can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statement made by the Company or on its behalf. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements in this news release are qualified by these cautionary statements. These statements are made as of the date of this news release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities. Investor Relations Inquiries: CFO and COO - People Corporation (204) 940-3988

Silverberg Group Frequently Asked Questions (FAQ)

  • When was Silverberg Group founded?

    Silverberg Group was founded in 1996.

  • Where is Silverberg Group's headquarters?

    Silverberg Group's headquarters is located at 140 10 Ave SE, Calgary.

  • What is Silverberg Group's latest funding round?

    Silverberg Group's latest funding round is Acquired.

  • Who are the investors of Silverberg Group?

    Investors of Silverberg Group include People.



CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.