Consumer Services M&A » By The Online Investor Staff, updated Thu., Apr. 25, 8:06 AM
Recent mergers and acquisitions in the Consumer Services M&A category.
Slide #33. Loyalist Group Limited — Cornerstone Academic College of ESL, Teacher Training and Test Preparation Inc.
Acquirer: |
Loyalist Group Limited (LOY.CA) |
Acquiree: |
Cornerstone Academic College of ESL, Teacher Training and Test Preparation Inc. |
Details: |
Loyalist Group Limited announced that it has completed the acquisition of Cornerstone Academic College of ESL, Teacher Training and Test Preparation Inc. The purchase price was $1.75 million with $1.55 million payable in cash in two installments: The first $1.25 million was paid on closing and the balance of $300,000 is due twelve months after closing, subject to adjustment. The remaining $200,000 of the purchase price was satisfied through the issuance of common shares of Loyalist at a price of $0.37 per share, the market price when the purchase was negotiated. The shares will be escrowed for 12 months and released in equal quarterly installments, subject to adjustment. |
Loyalist Group owns and operates private education schools both in Toronto and Vancouver offering (i) English as a Second Language Courses for international students; (ii) Training programs for teachers, commonly known as TESL; (iii) Professional Development Courses; and (iv) Corporate English for Professionals.
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April 25, 2024 8:06 AM Eastern
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