Madison Dearborn-backed Navacord acquires Belay Advisory

• Toronto-headquartered Navacord is a multi-line insurance and risk management brokerage business
• Benefits, retirement, and wealth and financial planning is pinpointed as a designated area of strategic growth for the company
• Madison Dearborn made an initial investment in Navacord in 2018

Navacord Corp, a portfolio company of Madison Dearborn Partners, has acquired Belay Advisory, an Edmonton-based benefits consulting and wealth advisory company. No financial details of the transaction were disclosed.

Toronto-headquartered Navacord is a multi-line insurance and risk management brokerage business. Benefits, retirement, and wealth and financial planning is pinpointed as a designated area of strategic growth, the company said.

“We’re pleased to welcome Belay Advisory to Navacord’s group benefits practice,” said T. Marshall Sadd, executive chairman, Navacord, in a statement. “This is a nimble, full-service firm that knows how to operate in a manner that provides their clients the best possible level of security and advice, and combined with their entrepreneurial spirit, Belay is a strong addition to Navacord.”

Madison Dearborn is a Chicago-based private equity firm focused on buyout and growth equity strategies.

Madison Dearborn made an initial investment in Navacord in 2018. In May, the firm announced an additional investment.