President's Message

Greg Yuel

Greg Yuel

PIC Investment Group Inc. is a family office. We own Operating Companies and place equity investments. We provide financial services, HR support. M&.A search, identification &. closing expertise, payroll &. benefits, board governance and strategic planning for our companies. We are grateful to serve our companies each and every day.

We all worked hard this year and despite a few tough decisions and issues that presented themselves, it was a thrilling year of bringing opportunities to fruition.

Enclosed in the 2018 Annual Report you will read about the exciting successes of almost every Operating Company, so I will not summarize them here. Instead, I will reflect on the efforts of the PIC office, which regularly included the assistance of talented people from our Operating Companies along with outside advisors to grow the PIC Group. For the past two years, while some of our companies were reeling from the reconciliation of the energy sector, Terris Chorney and I were calling on everyone that would accept a meeting with us. We would explain that we were funding market share growth and expansion in our Operating Companies, especially in Alberta, and we were seeking acquisitions for those businesses as well as for PIC Investment Group Inc. A new Operating Company should have the critical mass to support leadership in sales, administration, and operations. It should be a customer of, or a supplier to, one of our current Operating Companies, or in the same industry, and it should be based in western Canada.

We started the fiscal year by acquiring Long Lake Insurance with a partner - Athabasca Basin Development (ABO). Long Lake is comprised of five south-central insurance brokerages and Dan &. Catherine Mengel have spent the past year teaching and introducing us to this wonderful industry full of potential. Our partner is delightful to work with and shares our vision of providing a community-based offering with local leadership to area residents. It has been a real treat to send the ladies of Long Lake any insurance renewal or new policy for myself and my family. I hope you give them a try.

In late fall, a friend who knew we were in the market for additional companies directed me towards an opportunity. Superior Propane had to divest branches in order to complete their acquisition from Gibson's Energy. The resulting effort of 18 people on our Due Diligence Team caused CanGas Propane Inc. to be born. More impressive than that was the number of PIC Group companies who contributed to that team. Almost every PIC Group company was involved and the value of Kreos, Paceline Advisors, our lawyers, and the PIC office was proved beyond a doubt. The way in which individuals stepped up and became deal architects handling matters in addition to their regular jobs was thrilling. So many people worked so hard. 2018 We created a new company of significant size with absolutely wonderful people excited to be part of a success story. CanGas offers our customers a community-oriented option with service providers at local branches who understand local issues. CanGas plugs into and shares something with everyone of its sister companies.

We have a lot going on and we will be gathering ourselves to make certain we understand what we are doing while we fully unlock the potential of all of the initiatives we have been working on. Now is the time to lean in and help make everything work. I want us to look smart ten years from now. Meanwhile, we remain in a good spot, and maintain a strong balance sheet. Hugh MacGowan was at his best this year and obtained intelligent financing for assets as well as for our distribution companies.

The PIC Group invested heavily in people, and in market share growth initiatives and then in new companies that grow our share of the general economy. Our people take care of our customers and help them find the right answers. We consider our suppliers as partners and we take care of them. Each company looks for ways to help their sister company and all of that protects and grows the PIC Group. Our office serves to connect the dots and be the anti-Red Tape committee, because I want to help people who enjoy autonomy and follow entrepreneurial instincts to grow their business and themselves. That is what makes it fun and thrilling, especially when it's hard.

If you are reading this, it is likely because you were an integral part of the success we enjoyed this year, and I thank you.