Montréal, QC (Jun. 28, 2018) – La Caisse de dépôt et placement du Québec (“la Caisse”) announced today that it has acquired a minority interest in BFL CANADA, one of the largest commercial insurance brokers in Canada.
This investment will help the company execute its long-term growth strategy and implement its succession plan.
Through this transaction, BFL CANADA will pursue its expansion into key regions of the country. The company will also be able to continue increasing its use of cutting-edge technology to improve efficiency in its activities and enhance the customization of its insurance services.
This investment, which is part of Fonds Relève CDPQ, will also make it possible the implementation of a structured transition and succession program for the coming years. Barry F. Lorenzetti, Founder and President and CEO, as well as the existing team of senior executives at BFL Canada, will continue in their positions to lead the company.
“BFL CANADA has always distinguished itself through its distinctive business model, which attracts the industry’s best professionals by allowing them to become shareholders of the company. This transaction is a great opportunity for us to continue innovating while ensuring our growth. It allows us to invest in our future and continuity alongside one of Canada’s biggest investors, which shares our vision of the future,” said Mr. Lorenzetti.
“By acquiring a stake in BFL CANADA, we hope to actively participate in the growth of a company that, through its innovative business model, has always stood out in its sector. BFL CANADA, under the leadership of Barry F. Lorenzetti, has enjoyed remarkable growth since its creation 30 years ago. This growth accelerated over the last ten years, with the company now ranking among the leaders in its industry,” said Christian Dubé, Executive Vice-President, Québec at la Caisse. “This is an opportunity for us to do more than provide financing — we can also help the company with its succession plan.”
About BFL CANADA
BFL CANADA is one of the largest employee-owned and operated commercial insurance brokerages and consulting services firms in Canada. Headquartered in Montréal, BFL CANADA was founded in 1987 based on a model that gives employees the licence to demonstrate creativity, leadership or entrepreneurship, because we believe in them. Our 650 plus professionals work in offices in 12 cities across Canada. BFL CANADA is a founding partner of Lockton Global LLP, a company that is active in over 120 countries around the world. Our sustained organic growth is based on an exceptional client retention level of 98%. For more information on BFL CANADA, visit bflcanada.ca.
About la Caisse
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2017, it held $298.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com.
SOURCE: Caisse de dépôt et placement du QuébecTags: BFL CANADA, La Caisse