Novacap, one of Canada’s leading private equity firms, has entered into a definitive agreement to acquire a majority interest in Montreal-based managing general agent GroupAssur.
GroupAssur is an MGA headquartered in Montreal, QC, with additional offices in Quebec City and Brossard, QC, as well as in Markham, ON.
The transaction is expected to close sometime this fall.
“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 to diversify its markets,” said Novacap managing partner, financial services Marcel Larochelle.
Larochelle added that Novacap is “focused on long term value creation” for GroupAssur, by providing active support, operational expertise, and long-term growth capital.
“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,” commented Novacap senior partner Rajiv Bahl.
“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,” said GroupAssur president Jean-Francois Raymond.
