Intact Financial acquires restoration firm On Side Restoration
Intact Financial has acquired On Side Restoration, a Canadian-owned restoration company with 35 branches across the country.
Based in Vancouver, On Side Restoration has over 1,200 employees. The company has a reputation for excellent customer service, along with 40 years of claims experience.
A release said that the acquisition will allow Intact to deepen its claims expertise and strengthen its supply chain network. Intact expects to gain full ownership of On Side Restoration over a two-year period for a variable purchase consideration. The transaction is expected to close on or before October 01, 2019, subject to conditions such as regulatory approval.
The company release also revealed that Intact had been collaborating with On Side Restoration for some time now, to reduce claims cycle times and streamline processes to improve customers’ experiences.
“Our claims service is a key differentiator and is at the heart of what we promise. On Side Restoration is already an important part of our Rely Network of preferred vendors and they have a track record of providing excellent customer service and helping us deliver on that promise,” said Intact Financial CEO Charles Brindamour.
According to Brindamour, by taking ownership in the supply chain via acquiring On Side Restoration, both entities can ensure “simpler, faster and consistently higher quality outcomes” for property claims customers.
“This transaction will reduce claims handling costs and provide diversification to our property exposures with a new and counter cyclical earnings stream,” the CEO added.
“With this agreement we are combining two leading companies who are keenly focused on providing the highest levels of professionalism, care, and exceptional customer service in property restoration,” commented On Side Restoration founder and president Craig Hogarth.