AGA Benefit Solutions (AGA) – a leading developer and administrator of customized group insurance and retirement plans across Canada – announced that it has received a significant growth investment from TA Associates. TA has partnered with AGA’s management team, who will remain in place and be substantial shareholders of AGA.
Novacap (a leading North American private equity firm) invested in the business in 2020 out of its inaugural financial services fund and will transition its ownership position as part of the transaction.
Working in collaboration with insurance carriers and plan sponsors, AGA provides brokerage and advisory services and third-party-administration (TPA) and third-party-payor (TPP) services. AGA now has six locations across Canada and over 300 employees, serving over 2,700 customers, encompassing over 200,000 plan members and more than $1 billion in insurance premiums and group retirement assets. And since 2020, the company has completed five strategic acquisitions, growing from a regional to a national leader, and plans to continue expanding the business organically and through M&A moving forward.
The financial terms of the transaction were not disclosed.
KEY QUOTES:
“We remain committed to delighting our customers with market leading benefits solutions and service, while continuing our investment in technological tools and process automation to make the AGA experience best-in-class. We plan to pursue our strategy of acquiring and integrating group insurance firms across Canada, with the aim of making AGA the Canadian leader in employee benefits.”
- Martin Papillon, CEO of AGA
“AGA has established itself as a leading provider of group benefits & retirement solutions in the Canadian marketplace and delivers a compelling value proposition to its client partners.”
- Clara Jackson, Director at TA
“We are excited to support Martin, Chantal and the rest of AGA’s team in their continued expansion and next chapter of growth.” “We look forward to working closely with the AGA team in driving organic growth, leveraging the Company’s M&A platform and supporting its goal of maintaining best-of-breed solutions.”
- Todd Crockett, Managing Director at TA
“We are extremely proud of the partnership achieved with AGA over the last 4 years and their transformation into a leading national provider of group benefits solutions. We wish them continued success over their next chapter of expansion.”
- Marcel Larochelle, Managing Partner at Novacap
