MONTREAL, Oct. 5, 2021 /CNW Telbec/ - AGA Benefit Solutions, in partnership with Novacap, is pleased to announce the acquisition of PPI Benefits, including its subsidiaries Agile Benefits and BenefitsMyWay. PPI Benefits was a subsidiary of PPI, a leading national insurance marketing organization and subsidiary of iA Financial Group.
With this acquisition, the Montreal-headquartered AGA becomes one of the largest group insurance and annuity firms in Canada, with offices in Quebec City, Montreal, Kitchener, Edmonton, Calgary, and St. John (NB), and approximately 180 employees across the country. PPI Benefits' activities will hence forth continue under the banner of AGA Benefit Solutions.
The acquisition further strengthens AGA's portfolio of products and services with the group insurance innovations developed by PPI Benefits and gives new impetus to its growth. AGA will benefit from a highly efficient digital platform, which together with its unique AGA +PLUS service, will further enable simple, flexible, and cost-efficient management of group insurance plans.
"This is excellent news for AGA, but also for the team and customers of PPI Benefits, who will be supported even further by our resources in all areas of expertise. We are also pleased to welcome Ed Hofstede, who will lead AGA's operations outside of Quebec as Vice-President, and PPI Benefits' staff, into our big family.
This acquisition cements our leadership position in the Quebec market while making major strides in the rest of Canada by giving thousands of customers access to our combined portfolio of products and services," said Martin Papillon, President and CEO of AGA.
"This sale allows us at PPI to focus on our core business of life and health insurance and provide better support to independent advisors," said Jim Virtue, President and COO of PPI, "the PPI Benefits team now has a tremendous opportunity to grow and take on new challenges with AGA."
About AGA Benefit Solutions
AGA Benefit Solutions is the Quebec leader in the development and administration of customized group insurance plans, and also specializes in group retirement plans. With this acquisition, it is becoming one of Canada's leading benefit providers. Founded more than 40 years ago, AGA Benefit Solutions serves today more than 2,500 clients, supports nearly 100,000 members with the management and adjudication of their claims, and boasts $370 million in premiums and $320 million in group-annuity assets under management. To find out more, visit aga.ca/en/.
About Novacap
Founded in 1981, Novacap is a leading North American private equity firm with CA$8 billion of AUM that has invested in more than 100 companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, Industries and now Financial Services, Novacap's deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial funding, Novacap has the resources and knowledge to build world-class businesses. Novacap has offices in Brossard, Quebec and Toronto, Ontario. To find out more, visit https://www.novacap.ca/en/.
About PPI
PPI connects advisors and their clients with what they need to achieve leading-edge financial solutions. As an insurance marketing organization, PPI offers actuarial, tax and specialized expertise in all aspects of life insurance, and specifically in its design and custom application. Since 1978, PPI has delivered the calibre of estate planning and technical support for advisors that helps Canadians to plan ahead for a secure future.
SOURCE Novacap Management Inc.
Martin Papillon, AGA Benefit Solutions, 514-935-5444, [email protected]; Yasmine Sardouk, Novacap, 450-651-5000, [email protected]; Barbara Elder, PPI, 416-915-2940, [email protected]
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