M&A Deal Summary

Aviva Acquires Optiom

On November 27, 2023, Aviva acquired insurance company Optiom from Novacap for 100M GBP

Acquisition Highlights
  • This is Aviva’s 6th transaction in the Insurance sector.
  • This is Aviva’s 4th largest (disclosed) transaction.
  • This is Aviva’s 1st transaction in Canada.
  • This is Aviva’s 1st transaction in Alberta.

M&A Deal Summary
Date 2023-11-27
Target Optiom
Sector Insurance
Buyer(s) Aviva
Sellers(s) Novacap
Deal Type Add-on Acquisition
Deal Value 100M GBP

Target

Optiom

Calgary, Alberta, Canada
Optiom is a specialty insurance managing general underwriter ("MGU") and provider of vehicle replacement coverage. Optiom takes pride in a strong reputation for providing professional and dependable administration of specialty vehicle replacement insurance and guarantee programs across Canada. Optiom is based in Calgary, Alberta.

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Buyer(S) 1

Buyer

Aviva

London, United Kingdom
Category Company
Founded 1696
Sector Insurance
Employees26,382
Revenue 33.1B GBP (2023)
DESCRIPTION

Aviva provides various insurance, retirement, investment, and savings products. Aviva was founded in 1696 and is based in London, England.

DEAL STATS #
Overall 13 of 14
Sector (Insurance) 6 of 7
Type (Add-on Acquisition) 9 of 10
State (Alberta) 1 of 1
Country (Canada) 1 of 1
Year (2023) 2 of 2
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-25 AIG Life

London, United Kingdom

AIG Life offers more than just insurance and financial assistance. AIG Life is based in London, United Kingdom.

Buy £460M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-04 Probitas 1492

London, United Kingdom

Probitas 1492 underwriting syndicate specializing in property, construction, casualty insurance, and reinsurance solutions. Probitas 1492 is based in London, United Kingdom.

Buy -

Seller(S) 1

SELLER

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.

DEAL STATS #
Overall 26 of 30
Sector (Insurance) 1 of 2
Type (Add-on Acquisition) 12 of 13
State (Alberta) 2 of 2
Country (Canada) 16 of 19
Year (2023) 3 of 3
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-27 GTI Group

Lachine, Quebec, Canada

GTI Group offers integrated transport solutions encompassing heavy haul and over dimensional land transportation, specialty storage & handling, and international logistics and freight forwarding services. GTI Group was founded in 1992 and is based in Lachine, Quebec.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-28 Harmony Healthcare IT

South Bend, Indiana, United States

Harmony Healthcare IT is a data management firm that moves and stores patient, employee, and business records for healthcare organizations. The company’s mission is to preserve vital information that will improve lives. Harmony Healthcare IT employs experts in data extraction, migration, retention, interoperability, and analytics to provide its clients with trusted solutions. Harmony Healthcare IT was founded in 2006 and is based in South Bend, Indiana.

Buy -
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