TORONTO, Sept. 21, 2022 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) (“CVG”) announced today that, together with Clairvest Equity Partners VI (“CEP VI”, together “Clairvest”) made a C$100 million minority investment in support of the merger and recapitalization of Alberta-based Rogers Insurance and British Columbia-based CapriCMW Insurance Services Ltd. (“CapriCMW”). Upon completion, the combined company will trade as Acera Insurance Services Ltd. (“Acera Insurance” or the “Company”).
Acera Insurance is one of Canada’s largest employee-run property, casualty and group benefits insurance brokers with offices in Alberta, British Columbia, Ontario and the Yukon. The company remains independent and 100% Canadian owned. Both Rogers Insurance and CapriCMW were founded over 45 years ago and have a proven track record in the industry. Acera Insurance is led by CEO Lee Rogers, Chairman and President Andrew Kemp and COO Bruce Rabik.
The opportunity arose through Clairvest’s domain work in the insurance industry. “Our domain work 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 to drive growth organically and through acquisitions. We are excited to support Acera Insurance’s 1,000 employees and over 350 shareholder partners through the next phase of growth by investing in people, technology and acquisitions to further enhance the company’s capabilities,” said Mitch Green, Clairvest’s Managing Director.
“Clairvest’s collaborative style and culture is a great fit for Acera Insurance. We see them as ideal partners as they bring a wealth of industry knowledge and experience to help entrepreneurs build great businesses. Your investment will give us both the financial flexibility and resources to drive the company’s exciting growth initiatives,” said Lee Rogers, CEO of Acera Insurance.
“The Clairvest-backed merger and recapitalization will accelerate our investments in people, process and technology. Our goal is to become the independent Canadian insurance broker of choice for customers, carriers and employees. I am pleased 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 the Royal Bank of Canada and the Bank of Montreal.
The Clairvest/CEP VI co-investment pool is capitalized at $850 million and is 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 premier private equity manager with over $3.2 billion in capital under management. Clairvest invests its own capital and that of third parties through Clairvest Equity Partners Limited Partnerships in owner-managed companies. Under the current management team, Clairvest has initiated investments in 59 different platform companies and has consistently performed in the top quartile.
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