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 & strategic planning for our companies. We are grateful to serve our companies each and every day.
Without dwelling any further on the global theme of 2020, I will share that we did not have any spectacular high’s or ridiculous lows. We did good. We worked together and took care of each other as best as possible. We did what we had to do, and we reacted quickly and decisively. We saved what we could, and we abandoned what we had to. There was a lot of mental gymnastics trying to make the right decisions short term and respect long term consequences.

The leadership within each of our Operating Companies is more spectacular than I could ever imagine. I told my dad in May, “I can’t believe that we would be going through an economic and social crisis of this magnitude, effecting every one of our companies, and I would have so little to do”. I take full credit for hiring people that love responsibility and love working in teams to solve problems. You were all a thrill to watch and I thank you all dearly.

In addition, a special thank you goes to my fellow PIC Group Portfolio Managers – Laurie Dmytryshyn, Craig Bell, Terris Chorney, and Hugh MacGowan. They had to do some heavy lifting under terrible circumstances. In addition to providing service and support to our Operating Company leaders we all worked hard to support our Equity Investment companies. Verdient, in particular, consumed enormous attention as we demonstrated ourselves to be good partners by bringing stability to the company.

We still got a few deals done and Closed. Long Lake Insurance (LLI) added a wonderful group of people in three Saskatchewan branches and began a strategic process to bring their growing team together.
CanGas completed the Pilot Propane acquisition, bought Pure Heat, identified a partner for organic growth in the Peace River region and streamlined business operations and processes.

The energy sector was a mess and nothing about federal government policy suggests that it will get any better short term. However, we remain vigilant, because Canada has the safest regulatory environment with one of the highest resource bases and innovative companies so buyers that care about human rights and security of supply will have to return to Canadian commodities at some point.

I feel like I prepared my entire life for this situation. I have never liked heavy debt loads or debt on assets that cannot carry their own economic output, so our long- term debt was quite low. We have always made decisions that maximize long term Cash flow as opposed to propping up immediate Earnings, so we were able to be nimble. We have always looked to drive down our Expenses and sell idle assets. As a result, we are in the market for opportunity and we have money to invest. I am looking forward to the year ahead.

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 is hard. If you are reading this, it is likely because you are an integral part of our success. Thank you.