First National Financial Corporation announced that it has entered into a definitive agreement to be acquired by Regal Bidco Inc., a newly-formed acquisition vehicle controlled by private equity funds managed by Birch Hill Equity Partners and Brookfield Asset Management. The transaction involves the purchase of all outstanding common shares of First National for $48.00 per share in cash, with founders Stephen Smith and Moray Tawse maintaining minority ownership through a rollover of a portion of their shares. Upon closure, expected in the fourth quarter of 2025, Birch Hill and Brookfield will hold approximately 62% of First National, while Smith and Tawse will each hold an indirect 19% interest. Jason Ellis will continue as CEO, leading the company alongside the current leadership team.
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