Novacap-backed AGA Benefit Solutions purchases Aptus Benefits

Vancouver-based Aptus Benefits specializes in group benefits and retirement plans.

  • AGA Benefit Solutions’ acquisition of Aptus Benefits continues the company’s expansion into Western Canada
  • Novacap acquired a stake in AGA in October 2020

AGA Benefit Solutions, in partnership with Novacap, has acquired Aptus Benefits, a Vancouver-based company that specializes in group benefits and retirement plans. It offers expertise in collectively-bargained plans and executive disability programs.

No financial terms were disclosed.

Montreal-based AGA helps businesses across Canada develop and administer bespoke insurance plans. Novacap’s financial services investment platform has owned a stake in the business since October 2020.

AGA’s acquisition of Aptus continues the company’s expansion into Western Canada.

“This is an exciting opportunity for Aptus Benefits, as we work to elevate our position in retirement and group benefits services in Western Canada, operating under an ideal entity like AGA Benefit Solutions,” said Bill Watt, principal at Aptus Benefits. “Together, we will share our industry knowledge and remain well positioned for continued success.”

“We are putting all of AGA’s capabilities at the service of the team in Vancouver, enabling them to deliver a full range of services to their valued clients.” Martin Papillon, president and CEO of AGA.

Novacap is a Canadian private equity firm with offices in Montreal and Toronto. It has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. It has over C$6 billion in assets under management.