M&A Deal Summary

Goldman Sachs Merchant Banking Acquires People

On December 14, 2020, private equity firm Goldman Sachs Merchant Banking acquired business services company People Corp. from Cormark Securities, Inc. for 1.1B CAD

Acquisition Highlights
  • This is Goldman Sachs Merchant Banking’s 13th transaction in the Business Services sector.
  • This is Goldman Sachs Merchant Banking’s 28th largest (disclosed) transaction.
  • This is Goldman Sachs Merchant Banking’s 5th transaction in Canada.
  • This is Goldman Sachs Merchant Banking’s 1st transaction in Manitoba.

M&A Deal Summary

Date 2020-12-14
Target People Corp.
Sector Business Services
Buyer(s) Goldman Sachs Merchant Banking
Sellers(s) Cormark Securities, Inc.
Deal Type Going Private
Deal Value 1.1B CAD
Advisor(s) William Blair & Co. LLC
CIBC Capital Markets (Financial)
Stikeman Elliott LLP (Legal)

Target

People Corp.

Winnipeg, Manitoba, Canada
website
People Corp. is a provider of group benefits, group retirement and human resources consulting products and services to companies across Canada. The company is bringing together leading consultants in the industry, offering innovative and customized solutions to thousands of clients across a broad range of industries. It delivers employee benefits consulting, third party benefits administration, pension consulting, human resources consulting and executive search and staff recruitment services through 35 offices and satellite offices in nine provinces across Canada, each of which is led by a team of experts familiar with the local market, and supported by the resources of a public company with a national footprint. People Corp. was founded in 2006 and is based in Winnipeg, Canada.

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Buyer(S) 1

Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 168 of 170
Sector (Business Services) 13 of 13
Type (Going Private) 14 of 14
State (Manitoba) 1 of 1
Country (Canada) 5 of 5
Year (2020) 8 of 8
Size (of disclosed) 28 of 50
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-19 Stackline

Seattle, Washington, United States

Stackline is an all-in-one e-commerce platform for brands and retailers. By combining market intelligence, advertising automation, workflow management, and operational analytics into a single platform, Stackline delivers the industry-leading operating system for companies to scale their online retail business globally. Stackline was founded in 2014 and headquartered in Seattle with additional offices in Minneapolis and London.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-04 Nuxeo

Brooklyn, New York, United States

Nuxeo provides an extensible and modular Enterprise Content Management Platform enabling architects and developers to easily build and run business applications. The Nuxeo Platform offers modern technologies, a powerful plug-in model and extensive packaging capabilities for Document Management, Digital Asset Management and Case Management applications. Over 1,000 organizations rely on Nuxeo to run business-critical applications, including TBWA, Electronic Arts, Verizon, Sharp, Capital One, and the U.S. Navy.

Sell -

Seller(S) 1

SELLER

Cormark Securities, Inc.

Toronto, Ontario, Canada

website


Category Company
Founded 1981
SectorFinancial Services
DESCRIPTION

Cormark Securities, Inc. is an independent investment dealer counseling Canadian and international institutional investors and a wide variety of growth-oriented companies. Cormark Securities was formed in 1981 and is based in Toronto, Ontario.


DEAL STATS #
Overall 1 of 1
Sector (Business Services) 1 of 1
Type (Going Private) 1 of 1
State (Manitoba) 1 of 1
Country (Canada) 1 of 1
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-06 People Corp.

Winnipeg, Manitoba, Canada

People Corp. is a provider of group benefits, group retirement and human resources consulting products and services to companies across Canada. The company is bringing together leading consultants in the industry, offering innovative and customized solutions to thousands of clients across a broad range of industries. It delivers employee benefits consulting, third party benefits administration, pension consulting, human resources consulting and executive search and staff recruitment services through 35 offices and satellite offices in nine provinces across Canada, each of which is led by a team of experts familiar with the local market, and supported by the resources of a public company with a national footprint. People Corp. was founded in 2006 and is based in Winnipeg, Canada.

Buy -