Canadian pension fund manager the Caisse de dépôt et placement du Québec has made an $8 million private equity investment in BFL Canada, an independent commercial insurance broker. Proceeds of the funding will assist the Montréal-based company to continue its growth, particularly through acquisitions, the Caisse de dépôt said. Founded in 1987 by president and CEO Barry Lorenzetti, the employee-owned BFL provides risk management, insurance brokerage and employee benefits services.
La Caisse de dépôt et placement du Québec invests $8 million in BFL CANADA
MONTREAL, March 11, 2014 /CNW Telbec/ – La Caisse de dépôt et placement du Québec today announced $8 million in funding to BFL CANADA, Canada’s largest independent commercial insurance broker.
Through this funding, BFL CANADA will be in a position to continue growing, particularly through acquisitions. With its head office in Montréal, BFL CANADA has close to 500 employees working in 10 offices across Canada.
“With this additional long-term capital, BFL CANADA will be able to continue on its growth trajectory, thereby reaffirming its position as a leader in the Canadian brokerage industry,” said Normand Provost, Executive Vice-President, Private Equity, at La Caisse. “With this funding, we are supporting a company that capitalizes on innovative partnership practices to succeed in a competitive market.”
“We are very pleased to be able to count on La Caisse’s support to speed up our growth,” said Barry F. Lorenzetti, President, CEO and Founder of BFL CANADA. “La Caisse understands our solid business model and BFL CANADA’s leadership role in Montréal’s financial centre. We are looking forward to pursuing growth with a partner like La Caisse.”
The company stands out for its business model, which attracts the best employees in the industry by enabling them to become company shareholders. This ownership model, combined with BFL CANADA’s demonstrated expertise in assessing and mitigating risks, has made it the third largest commercial insurance broker in Canada.
ABOUT BFL CANADA
Founded in 1987 by Barry F. Lorenzetti, BFL CANADA is the largest employee-owned and operated risk management, insurance brokerage and employee benefits services firm in Canada. The firm has a team of close to 500 professionals located in nine cities across the country. BFL CANADA is a founding partner of Lockton Global LLP, a partnership of independent insurance brokers and agents who provide risk management, insurance and benefits consulting services in over 120 countries around the world. For more information: bflcanada.ca.
ABOUT LA CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
La Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2013, it held $200.1 billion in net assets. As one of Canada’s leading institutional fund managers, La Caisse invests in major financial markets, private equity, infrastructure and real estate, globally. For more information: www.lacaisse.com.
SOURCE Caisse de dépôt et placement du Québec
For further information:
Executive Vice-president and CFO
Caisse de dépôt et placement du Québec
Senior Adviser, Media Relations
Photo courtesy of Shutterstock