Purpose Unlimited to Acquire Steadyhand
Deal News | Mar 24, 2025 | Globenewswire
Purpose Unlimited Inc., a Canadian financial services firm, has announced a binding agreement to acquire Steadyhand Investment Management Ltd. and Steadyhand Investment Funds, Inc., together known as Steadyhand. This strategic transaction aligns with Purpose's mission to empower Canadian investors, increasing its total assets to over $30 billion. Steadyhand, known for its personalized, low-fee investment management, will merge its client services with Purpose's advanced technology platform. The agreement includes a change of manager to Purpose Investments Inc., a pursuit subject to regulatory approvals and unitholder agreement. Legal advice was provided by Osler, Hoskin & Harcourt LLP for Purpose, and McCarthy Tétrault LLP for Steadyhand. Closing is anticipated in Q2 2025.
Sectors
- Financial Services
- Investment Management
Geography
- Canada – Both companies, Purpose Unlimited and Steadyhand, are based in Canada. The transaction directly impacts the Canadian financial services and investment management landscape.
Industry
- Financial Services – The article concerns the merger of firms within the financial services industry, specifically focusing on wealth management, asset management, and investment management services.
- Investment Management – Both Purpose Unlimited and Steadyhand operate within the investment management sector, providing various investment and advisory services to individual and institutional clients.
Financials
- $1.3 billion – Assets under management by Steadyhand prior to acquisition.
- Over $30 billion – Projected total assets for Purpose Unlimited post-acquisition of Steadyhand.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Purpose Unlimited Inc. | Buyer | Company | A rapidly growing independent Canadian financial services firm focused on asset management, wealth platforms, and innovative investment solutions. |
| Steadyhand Investment Management Ltd. | Target | Company | An independent wealth management firm serving Canadian investors with over $1.3 billion in assets, focusing on outcome-based investing and low-fee mutual funds. |
| Steadyhand Investment Funds Inc. | Subsidiary | Company | Part of Steadyhand, offering investment solutions and managing various funds benefiting from the proposed acquisition by Purpose Unlimited. |
| Osler, Hoskin & Harcourt LLP | Legal Advisor (for Purpose) | Company | Provided legal advice to Purpose Unlimited during the acquisition process. |
| McCarthy Tétrault LLP | Legal Advisor (for Steadyhand) | Company | Provided legal services to Steadyhand in relation to the acquisition. |
| Relay Transition Partners | Advisor | Company | Advised Steadyhand on the transaction. |
| Som Seif | CEO and Founder of Purpose Unlimited | Person | Key executive at Purpose Unlimited driving the acquisition strategy. |
| Tom Bradley | Chair and Co-founder of Steadyhand | Person | Primary executive representative of Steadyhand during the transaction. |