iA Financial to acquire RF Capital Group
iA Financial Group and RF Capital Group have entered into a definitive agreement, pursuant to which iA will acquire all of the issued and outstanding common shares of RF Capital for $20 per share in cash.
RF Capital is an independent wealth management company based in Canada, operating under the Richardson Wealth brand, with more than $40 billion in assets under administration.
The purchase price of $597 million includes a $370 million valuation for RF Capital Capital’s fully diluted equity and $227 million in financial obligations (revolving debt and preferred shares). The purchase price represents a multiple of 6.7x the last 12 months fully synergized EBITDA ended March 31, 2025.
Closing of the Transaction is expected to occur during Q4 2025.
‘’This acquisition aligns with iA’s unique model, the iA way – highlighting our strategic approach to sustainable growth – by expanding our reach in target segments and enhancing our scalable distribution model. We strongly affirm our commitment to the value of advice by empowering advisors with best-in-class tools and preserving their independence so they can assist clients feel secure about their financial future.” – Denis Ricard, President and CEO of iA Financial Group.
“The addition of RF Capital reinforces iA Wealth’s position as a leading non-bank wealth platform in Canada offering additional reach in the independent full-service brokerage channel. By bringing together complementary distribution models, this transaction propels total iA Wealth’s advisory network AUA1 to about $175 billion7 and creates scale advantages in pricing, distribution, digital and brand strength. This transaction creates exciting opportunities for accelerated growth and strengthens the value proposition for both clients and advisors. We look forward to working with RF Capital to empower advisors to grow their businesses and further meet the evolving needs of high-net worth Canadians.” – Stephan Bourbonnais, Executive Vice-President Wealth Management, iA Financial Group.
“This milestone marks an exciting new chapter for RF Capital. By joining forces with iA, we unlock powerful opportunities across technology, product innovation, and operational scale—enhancing the advisor value proposition through expanded capabilities and support. Our advisors will continue to operate independently under the Richardson Wealth brand8, backed by the financial strength and stability of iA Financial Group, and remain fully dedicated to delivering trusted, personalized advice to their clients.” – Dave Kelly, President and CEO of RF Capital.
“We fully support the board’s decision to accept iA’s offer as being the best path forward to unlocking value for all stakeholders. This is an important decision for us given our support of the firm for over 20 years,” said Sandy Riley, President and CEO of Richardson Financial Group Limited. “We recognize that the best way to position Richardson Wealth for future success is by joining a strong, independent organization with the financial strength and scale to drive growth and a comprehensive range of products to enhance offerings for both advisors and clients.”
