Canada: TMF Group Acquires Swain & Associates Inc.
Last Updated: May 17 2016

Significant step in expansion of Canadian operations

17 May 2016 - TMF Group, a leading provider of high value business services to clients operating and investing globally, is pleased to announce the acquisition of Swain & Associates Inc., one of Canada's leading providers of accounting, payroll and consultancy services.

Founded in 1987, Swain & Associates has grown into a leading business providing effective administration, Canadian payroll services, accounting and business consulting services to international corporations establishing in Canada or to existing companies already in-country looking to engage an external provider for back office operations.

Headquartered in Toronto, Swain & Associates is managed by its two partners, Chris Swain and Gary Hokkanen, both of whom will remain involved with the business following completion of the acquisition.

TMF Group believes the opportunity to assist clients expanding into Canada has been largely underserved by the marketplace. Therefore, TMF Group has acquired Swain & Associates to grow their fully-owned presence in the country and build scale in Ontario to better manage its operations across Canada.

TMF Group funded the acquisition from existing cash resources. The financial terms of the transaction have not been disclosed.

Chris Swain, Founder of Swain & Associates Inc., commented:

"Our relationship with TMF Group gives us a unique opportunity to accelerate our growth objectives. TMF Group understands our business and shares our vision for excellence in compliance. Together we are a recipe for significant expansion and tremendous success. Swain has always positioned itself as the best first stop in Canada and now has the global reach with TMF Group. I could not be more proud to be part of this new and exciting team."

Gary Hokkanen, Chief Executive Officer at Swain & Associates Inc., commented:

"This deal marks an important stage in the development of our business. Combining our specialist skills, local knowledge and high quality client base with TMF Group's truly global footprint and wider business capabilities gives us the ability to develop a powerful proposition for the Canadian market. We are thrilled to have met a business partner that shares our vision of what can be accomplished in Canada."

Raimundo Diaz, Head of the Americas at TMF Group, commented:

"Canada is a key growth area for our business. This transaction gives us a larger established local presence, supported by a high quality team with excellent blue chip client relationships and a foundation from which to expand our operations in the wider region. I am delighted to welcome Chris, Gary and the team to TMF Group and look forward to working with them."

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