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(February 26, 2007) Hub International, the U.S. parent of Canada’s largest MGA firm, has agreed to be taken over by private equity funds advised by Morgan Stanley Principal Investments and Apax Partners.

The deal was unanimously agreed upon by Hub’s board, which has recommended all shareholders vote in favour of the transaction. The deal values the firm at about $1.8 billion US, which includes about $145 million US in debt.

“We are excited that our new partners believe in our commitment to investing in our people and are dedicated to working with us to deliver the most value for our clients and colleagues,” Hub chairman and CEO Martin Hughes said in a press release.

Senior executives from Vancouver-based Hub Capital Inc. declined comment, hinting that further details would be made available in the coming days.

Hub may solicit competing bids until March 19, 2007, and may back out of the deal at any time before noon, April 10, 2007, subject to a $21 million US breakup fee. The transaction is conditional on receiving shareholder approval, Canadian court approval and other regulatory approvals.

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Advocis recognizes farm-focused CE credits

(February 26, 2007) A continuing education program for advisors focused on agricultural clients has won recognition from Advocis. The Farm Business Advisor Tutorial, offered by the Canadian Association of Farm Advisors, offers students up to 23 technical credits and two general credits.

The FBA program includes specialized training in farm-related topics, including buying and selling of land, accounting/farm management, financing, bankruptcy, tax, farming basics, human resources, family law, off-farm investments, risk management, and estate and succession planning.

The tutorial is a self-study of the FBA Manual, followed by a test. New CAFA members also receive their Certified Agricultural Farm Advisor certification.

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B2B Trust offers loans for Mavrix funds

(February 26, 2007) B2B Trust, a subsidiary of Laurentian Bank, announced it will provide an investment loan program for Toronto-based Mavrix Fund Management Inc.

Complementing its RRSP loan program, B2B Trust also has an investment loan program that offers three loan products, available up to a maximum of $250,000, with a variety of collateral options; they include the 100% Investment Loan, the 2 for 1 Investment Loan, and the 1 for 1 Investment Loan.

B2B Trust said it is the leading supplier of investment loans to independent mutual fund firms in Canada, serving the majority of Canadian mutual fund companies who do not have an in-house lending capability and choose to offer a third-party investment loan program to their advisor communities.

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(02/26/07)