Madison Dearborn-backed Navacord buys Mitchell McConnell Insurance

• Mitchell McConnell is a specialist in aquaculture and one of the only companies to represent this sector in the Maritimes
• Based in Toronto, Navaccord is a multi-line insurance and risk management brokerage business
• Madison Dearborn recently made an additional investment in the company

Navacord Corp, a portfolio company of Madison Dearborn Partners, has acquired Mitchell McConnell Insurance, a Saint John, New Brunswick-based brokerage offering risk management services, property and casualty insurance and life and accident coverage. No financial terms were disclosed.

Established in 1927, Mitchell McConnell is a specialist in aquaculture and one of the only companies to represent this sector in the Maritimes, Navacord said in a statement.

Based in Toronto, Navaccord is a multi-line insurance and risk management brokerage business. The acquisition will support the company’s growth in Atlantic Canada.

“Atlantic Canada is an area that Navacord actively pursues for considerable growth, and we are pleased to have Mitchell McConnell represent Navacord for both their impressive reputation in the Maritimes as well as their highly specialized focus in the aquaculture sector,” said Shawn DeSantis, president and CEO of Navacord.

Madison Dearborn made its initial investment in Navacord in 2018. Last month, the firm announced an additional investment.

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