Canadian private equity firm Novacap has acquired an interest in AGA Financial Group, an employee benefits advisory firm and third-party administrator of group insurance and retirement plans in Quebec.
Founded in 1978, AGA serves over 1,200 clients – from small businesses to national organizations. AGA has more than 100 employees, including a team of actuaries and a network of external brokers. The firm has offices in Montreal and Quebec City.
Since 2013, AGA has been owned and operated by insurance veterans Martin Papillon, Chantal Dufresne and Gabriel Gagnon.
“AGA has built a first-class franchise that combines passionate experts with a culture of innovation,” said Novacap financial services managing partner Marcel Larochelle. “This is a unique attribute in any business, and it is what fascinated us from the very beginning of our conversations. It speaks to the strength of the Novacap platform that we have been able to attract such a renowned group of partners in Martin, Chantal, and Gabriel.”
A company release said that AGA is the third investment of the Novacap Financial Services I fund since its first closing in November 2019. Novacap is also one of the first private equity firms in Canada to create a fund focused solely on investing in financial services businesses.
“Partnering with Novacap is a privilege for my partners and all AGA employees, as we all have exactly the same ambitious vision for the future of the company,” commented AGA president and CEO Martin Papillon.
