Goldman Sachs acquiring People Corporation for $1.13B

Goldman Sachs Group Inc.’s merchant banking division is acquiring Manitoba-headquartered People Corporation Inc., for an estimated total equity value of $1.13 billion.

“This transaction delivers tremendous value for our shareholders while creating the conditions that will enable our team to write People Corporation’s next chapter,” said Laurie Goldberg, executive chairman and chief executive officer of People Corp., in a press release.

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“As a private company with a committed, well-capitalized and long-term owner, People Corporation will accelerate its scale in talent and technology, consistent with its commitment to bring to bear industry-leading group benefits, group retirement and human resources solutions to each client engagement, delivered by its best-in-class consultants across its national platform. I look forward to continuing to lead our outstanding team as we look to the future.”

Goldberg and the current senior management team will continue to lead People Corp. from its corporate office in Winnipeg and at over 40 offices throughout the country. As well, no changes are expected to personnel, service model and standards, or operating principles, the release noted.

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“We are thrilled to be a part of the next phase of the People Corporation story. The company has a compelling client offering with experienced consultants and a national scale that have helped deliver outstanding organic growth over time,” said Anthony Arnold, managing director at Goldman Sachs, in the release. “There is also a continued and meaningful investment opportunity to deploy capital and access opportunities in People Corporation’s core and adjacent markets. We look forward to working with Laurie and the rest of the management team to build upon what has made People Corporation so successful.”