MONTREAL, Sept. 15, 2020 /CNW Telbec/ - Novacap, one of Canada's leading private equity firms, announced today that it has entered into a definitive agreement for the acquisition of a majority interest in GroupAssur Inc., a Canadian managing general agent ("MGA") specializing in the Property and Casualty ("P&C") insurance lines, and offering distinctive insurance products across Canada.
Headquartered in Montreal, QC, with additional services offices, located in Quebec City and Brossard, QC and Markham, ON, GroupAssur provides comprehensive, innovative, and efficient insurance solutions to its country-wide network of Canadian brokers.
"Novacap is excited to build on GroupAssur's position as the most accomplished Canadian owned MGA. We are committed to supporting GroupAssur in developing new products and diversify its markets. We are focused on long term value creation through the provision of active support, deep operational expertise and long-term growth capital to help companies develop strategic competitive advantage and realize their full potential," said Marcel Larochelle, Managing Partner, Financial Services at Novacap.
"The acquisition of GroupAssur represents an extremely attractive opportunity to drive additional growth through M&A and development of new markets across Canada and beyond. GroupAssur's seasoned and respected management team has a stellar reputation with carriers and brokers and we are very enthusiastic to partner with them for GroupAssur's next phase of growth," added Rajiv Bahl, Senior Partner at Novacap.
"As an MGA, GroupAssur strives to meet the needs of their customers and brokers in a market where it is becoming increasingly difficult to find specialized products for clients. Offering advantageous and competitive underwriting initiatives in a one stop shop approach is at the heart of our success. We are honored to partner with Novacap to drive GroupAssur into its next stage of expansion," said Jean-Francois Raymond, President of GroupAssur.
The transaction is expected to close in the Fall of 2020.
Founded in 1993 by a group of brokers coming together to provide services to larger enterprises, GroupAssur is an MGA servicing specialized insurance needs of brokers and customers across Canada. The company provides underwriting services for complex insurance policies on behalf of Canadian insurance carriers, international insurance carriers, and Lloyd's of London insurance syndicates. GroupAssur is headquartered in Montreal, QC, with additional offices in Quebec City and Brossard, QC, and Markham, Ontario.
Founded in 1981, Novacap is a leading Canadian private equity firm with CA$3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap's deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 130 add-on acquisitions. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit www.novacap.ca.
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SOURCE Novacap Management Inc.
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