To pursue its growth strategy, the management of AGA Benefit Solutions has received a major investment from TA Associates (TA), a global private equity firm. TA made this investment in cooperation with the AGA management team, who remain in place as major shareholders. The Novacap private equity fund, an AGA partner since 2020, is selling its stake as part of this transaction.
From Regional Leader to Nationwide Player
In partnership with insurers and plan sponsors, AGA provides group insurance plan brokerage, consulting and administration as third-party administrator/payer. With more than 300 employees in 6 offices across Canada, AGA serves more than 2,700 plan sponsors with more than 200,000 members. Since 2020, AGA made five strategic acquisitions that propelled the firm from regional leader to nationwide player. It is intent on pursuing further growth opportunities, both organically and through additional strategic acquisitions.
"We remain committed to delighting our customers with market leading benefits solutions and service, while and 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," asserts 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 strong value proposition to its client partners,” said 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,” added 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, “said Marcel Larochelle, Managing Partner at Novacap.
About TA Associates
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries—technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at ta.com.
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.