Oracle Insurance Risk Management Services Inc. has finalized a strategic investment from Boston-based private equity firm Abry Partners, marking a significant milestone for one of Canada’s large independent insurance brokerages.
The Ontario-based company, founded in 2011 by John Ferraro and Michael Di Nardo, has grown to serve over 60,000 customers through nearly 40 locations with more than 300 insurance professionals across the country.
Oracle RMS’s leadership team will retain significant equity ownership and continue leading the business during its next phase of expansion. The partnership with Abry Partners is expected to enable the company to scale resources for producers and branches, enhance partnerships with capacity markets, and pursue strategic mergers and acquisitions.
“This partnership with Abry Partners marks an exciting new chapter for Oracle RMS,” said John Ferraro, CEO of Oracle RMS. “Abry’s investment is a strong vote of confidence in the exceptional talent of our people, the strength of our proven business model, and our long-term vision for growth across Canada.”
Abry Partners is a middle-market private equity firm with expertise in insurance distribution. It has supported retail brokerage platforms across North America, and this investment marks the firm’s entry into the Canadian insurance distribution market.
“We were highly impressed by Oracle RMS as a business, but even more-so by its people and culture,” said David Coneway, principal at Abry. “The company embodies the client-first ethos and entrepreneurial spirit that have long defined exceptional brokers and combines it with a passion for meeting the evolving needs of its valued insurance markets.”
Michael Di Nardo, president of Oracle RMS, outlined the company’s growth strategy following the investment. “With Abry’s support, we are well-positioned to accelerate the expansion of our branch and producer network. This partnership empowers us to serve more communities across Canada while continuing to strengthen the Oracle RMS brand both locally and nationally.”
KPMG Corporate Finance Inc. served as exclusive financial advisor to Oracle RMS during the transaction.
Oracle RMS provides home and auto insurance, commercial insurance, life insurance, and group benefits for corporations throughout Ontario, Canada.
