Novacap Returns as an AGA Benefit Solutions Shareholder

AGA Benefit Solutions (“AGA”) today announced that Novacap, a leading North American private equity firm, has become a shareholder to support the continued growth of our business across Canada. Novacap has partnered with the Fonds de solidarité FTQ, a venture and development capital investment network, to acquire the interest previously held by TA Associates (“TA”), which became AGA’s financial partner in March 2024. AGA’s management team remains a significant shareholder.

Since 2020, AGA has completed a series of acquisitions that have enabled it to expand across Canada, notably in Ontario and Western Canada. With more than 7,000 clients and nearly 350 employees, AGA has leveraged its distinctive combination of experience as a third-party administrator/payor (TPA/TPP), broker, and consultant to significantly grow its share of the group insurance and retirement savings market.

“Our successful strategy of targeted acquisitions and organic growth has delivered strong results in recent years, and we intend to stay the course. Partnering with Novacap and the Fonds de solidarité FTQ was a natural fit, given their deep knowledge of the Canadian market and their confidence in AGA’s prospects. With the talent of our people and accelerated technology investment, we are well positioned to win over even more Canadian organizations,” said Martin Papillon, President and Chief Executive Officer of AGA.

The transaction marks Novacap’s return as an AGA shareholder, a role it held from 2020 to 2024. “We are reinvesting in AGA for the same reasons we invested the first time: AGA’s experienced team, outstanding reputation, and proven results of its acquisition strategy. We are excited by AGA’s plans to keep creating sustainable value and are pleased to partner with the Fonds de solidarité FTQ this time around,” said Marcel Larochelle, Managing Partner at Novacap.

“Deeply rooted in Quebec since its founding, AGA has established a strong presence across Canada driven by an ambitious growth strategy and an exceptional team. Together with Novacap and AGA’s management team, we are proud to help support the company’s next phase of growth, both in Québec and across the country,” said Saloua Benkhouya, Vice-President, Private Equity and Impact Investing – Entertainment and Services, Fonds de solidarité FTQ.

“TA supported AGA at an important stage in its development, working with the team to strengthen the organization and broaden its presence across Canada. We are proud of the growth and maturation of the organization during this period and wish AGA continued success with Novacap and the Fonds de solidarité FTQ,” said Clara Jackson, Managing Director at TA.