Rice Financial Group, a wholly owned subsidiary of Jovian Capital, has acquired an 80% stake in Harry James Financial Services, a financial advisory firm in Markham, Ontario. The total purchase price was $2.8 million, paid in a combination of cash, debt and common shares of Jovian.

The companies have also entered into an agreement for Rice Financial Group to purchase the remaining 20% of Harry James Financial in five years.

Using a team of salaried advisors, Harry James Financial provides evaluations and recommendations on all aspects of its clients’ financial lives.

Dave Velanoff, president and CEO of Rice Financial Group, said: This transaction will strengthen Rice Financial’s presence in Ontario, which is certainly one of our key strategies.