June 28, 2018 14:00
Photo : Freepik
The Caisse de dépôt et placement du Québec has acquired an interest in the firm business insurance BFL Canada. The investment will support the company in the execution of its growth strategy in the long term, as well as in the implementation of its succession plan, » says the Cashier.
BFL plans to increase its presence in key regions in Canada and invest in the use of technologies in order to » improve the effectiveness of its activities and increase the customization of its insurance services «.
«This transaction is an excellent opportunity for us to continue our efforts in innovation, while ensuring our growth. It allows us to invest in our future and our sustainability alongside one of the largest canadian investors, who share our vision of the future, » stresses Barry F. Lorenzetti, president, ceo and founder of BFL Canada.
Ensure the succession
The investment on the part of the Fund will also be used to implement a program of transition and succession, she revealed. In the meantime, Mr. Lorenzetti and the senior management team of BFL remain in position.
«By taking part in the share capital of BFL Canada, we want to participate actively in the development of the company which, by its business model that is innovative, has always managed to stand out in its sector of activity, said Christian Dubé, executive vice-president, Quebec at the Caisse. BFL Canada has known, under the leadeurship Barry F. Lorenzetti, a remarkable growth since its inception more than 30 years. This growth has accelerated over the past ten years while the company is now among the leaders in its industry. It is also for us an opportunity, beyond funding, to support the company in its succession plan. «
The investment is part of the Funds is the CDPQ. It was not specified the proportion of participation of the Caisse in BFL Canada. ADDED: Morin Public Relations, which manages the press relations of the two organisations in the context of this announcement, reported in the Journal of insurance than the amount invested by the Caisse de dépôt in BFL Canada will not be disclosed.