TORONTO, Sept. 21, 2022 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) (“CVG”) today announced in collaboration with Clairvest Equity Partners VI (“CEP VI”, collectively “Clairvest”) , a C$100 million minority equity investment to support the merger and recapitalization of Alberta-based Rogers Insurance and British Columbia-based CapriCMW Insurance Services Ltd. (“CapriCMW”). Upon completion of the merger, the combined entity will operate as Acera Insurance Services Ltd. (“Acera Insurance” or the “Company”).
Acera Insurance is one of Canada’s largest employee-managed property and casualty and group benefits insurance brokers, with offices in Alberta, British Columbia, Ontario and the Yukon. The company remains independent and is proudly 100% Canadian owned. Both Rogers Insurance and CapriCMW were founded over 45 years ago and have proven track records of industry success. Acera Insurance is led by CEO Lee Rogers, Chairman and President Andrew Kemp and COO Bruce Rabik.
This opportunity arose through Clairvest’s specialty work in the insurance industry. “Our domain outreach has created this unique opportunity. We are very impressed with the leadership teams at Rogers Insurance and CapriCMW, who have a long history of working together through organic growth and acquisitions.” Clairvest Managing Director Mitch Green said:
“Clairvest’s partnership style and culture is a perfect fit for Acera Insurance. We believe they are ideal partners as they bring a wealth of industry knowledge and experience to help entrepreneurs build great businesses.” Their investment will provide us with both the financial flexibility and resources to further our exciting growth initiatives,” said Lee Rogers, CEO of Acera Insurance.
“Clairvest-supported mergers and capital increases will accelerate our investment in people, processes and technology. Our goal is to be the independent Canadian insurance broker of choice for our clients, insurers and employees.” We are delighted to be working with Lee and Bruce to build a strategically important platform,” said Andrew Kemp, Chairman and President of Acera Insurance.
The merger was supported by credit facilities arranged by Royal Bank of Canada and Bank of Montreal.
The Clairvest/CEP VI joint investment pool is capitalized at $850 million and focused on equity investments in growth companies.
Clairvest’s mission is to partner with entrepreneurs to help them build strategically important businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top-performing private equity management firm with over C$3.2 billion in capital under management. Clairvest invests its own capital and third-party capital in owner-driven businesses through Clairvest Equity Partners Limited Partnership. Under the current management, Clairvest has started investing in 59 different platform companies, producing top quartile performance over the long term.
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Clairvest sponsors the merger of Rogers Insurance and CapriCMW to form Acera Insurance. The Canadian Business Journal
Source link Clairvest sponsors the merger of Rogers Insurance and CapriCMW to form Acera Insurance. The Canadian Business Journal