Madison Dearborn Partners ups investment in Navacord Corp

• Navacord is a Toronto-based multi-line insurance and risk management brokerage business
• Since Madison Dearborn’s 2018 initial investment, the company has completed more than 80 acquisitions/partnerships
• It also saw revenue grow from C$130 million to an estimated C$700 million-plus by the end of 2023

Madison Dearborn Partners has made an additional investment in Navacord Corp, a Toronto-based multi-line insurance and risk management brokerage business, effective May 9, 2023. No financial terms were disclosed.

With this partnership, Navacord aims to achieve C$1 billion in revenue in the near term, the company said in a statement.

Madison Dearborn made its initial investment in Navacord in 2018. Since then, the company has completed more than 80 acquisitions/partnerships. It also saw revenue grow from C$130 million to an estimated C$700 million-plus by the end of 2023.

“Our unique operating model, which empowers entrepreneurs to continue building, coupled with our strategic investments in growth, specialty commercial focus, recruitment of industry-leading talent, and our commitment to allowing key contributors to become owners in the business, has proven to be a winning proposition,” said Shawn DeSantis, president and CEO of Navacord. “We are dedicated to building the Great Canadian Brokerage, and we are thrilled about the next phase of our journey.”

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