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Posted by Martin Papillon, FSA, FCIA, MBA, October 5 2020
Novacap becomes an AGA Benefit Solutions Shareholder

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AGA Benefit Solutions, the Quebec leader in developing and administering customized group insurance plans, is pleased to announce that Novacap—one of the country’s largest private investment firms—has acquired an interest in the company
to help accelerate AGA’s growth across Canada.

This transaction will allow AGA to achieve its growth targets thanks to strategic acquisitions that create value for the company. Novacap, based out of Brossard and Toronto, invests in market-dominating companies by identifying and supporting mergers and acquisitions as well as growth-generating strategies.

Poised to develop new markets

In their seven years at the helm of AGA, Martin Papillon, President and CEO, Chantal Dufresne, Senior Vice President, Finance and Operations, and Gabriel Gagnon, Vice President, Corporate Strategy, have put in place powerful tools, leading-edge services and innovative products in order to stay ahead of the market and serve a vast clientele.

According to Martin Papillon, “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. Our mission is to facilitate access to group insurance and pension plans, and to streamline their administration for our customers. This pledge is reflected not only in exceptional service, but also strategic advice that allows us to provide more in terms of tailor-made solutions, products and services. With Novacap as our partner, our position and market attractiveness are stronger than ever. We are very proud to be able to count on Novacap as a shareholder and strategic partner in our future development. It also gives us great pride to welcome Marcel Larochelle and Rajiv Bahl to our Board of Directors—both are seasoned businessmen and their experience will be put to good use at AGA.”

Marcel Larochelle, Managing Partner at Novacap, has more than 30 years of experience in financial services. His senior management positions have included President and CEO of UBS Global Asset Management Canada, Executive Vice President and CFO of Fiera Capital and President for the Americas at Mercer Investment. A strong supporter of entrepreneurs, he was named Angel of the Year 2020 by Anges Québec.

Rajiv Bahl has over 19 years of experience in investment banking and with Canada’s largest financial services firms. Prior to joining Novacap, he was Managing Partner, Head of Structured Products, Investment Banking - Financial Institutions Group at Scotia Capital. Previously, he was Managing Director and Head of Investment Banking, Financial Institutions Group at RBC Dominion Securities.

A strong culture of innovation

“AGA has built a first-class franchise that combines passionate experts with a culture of innovation,” said Marcel Larochelle. “This is a unique attribute in any business, and it is what fascinated us from the very beginning of our conversations.” In fact, Novacap is Canada’s first private equity firm to launch a fund devoted to financial services companies.

About AGA Group Insurance

With offices in Montreal and Quebec City, AGA Benefit Solutions is the Quebec leader in developing and administering customized group insurance plans, and also specializes in group retirement plans. For more than 40 years, thanks to its innovative tools and unmatched customer service, AGA Benefit Solutions has been supporting more than 1,200 employers in managing their group insurance plans, and close to 40,000 members in managing and adjudicating their medical, dental and other health claims. For more information, visit

About Novacap

Founded in 1981, Novacap is a leading Canadian private equity firm with CA$3.6 billion of assets under management. Its distinct investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous portfolio companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class businesses. Backed by leading global institutional investors, Novacap’s deals typically include leveraged buyouts, management buyouts, add-on acquisitions, IPOs, and privatizations. Over the last 39 years, Novacap has invested in more than 90 companies and completed more than 140 add-on acquisitions. Novacap has offices in Brossard, Quebec and Toronto, Ontario. For more information, please visit

Martin Papillon is a Fellow of the Canadian Institute of Actuaries and holds an MBA from HEC Montréal. Throughout his career, he has been working in the group insurance and retirement sector. Before joining AGA in 2013, he held advisory and senior management positions with world-class consulting actuarial firms.
Martin Papillon, FSA, FCIA, MBA