Synex Welcomes CDPQ and Ares as New Shareholders
Deal News | Apr 03, 2025 | CDPQ
Synex Business Performance, a rapidly growing Canadian insurance brokerage firm, has announced two new institutional investors, CDPQ and Ares Management Credit funds, as minority shareholders. Synex, which boasts over $1 billion in annual premium volume, aims to leverage this investment to accelerate growth and expand its market presence. The company plans to double its size through acquisitions with support from CDPQ's equity and debt financing. This partnership highlights Synex's robust model in the insurance industry and signifies a strong push towards a strategic national expansion, particularly in Quebec, where half of its premium volume originates.
Sectors
- Insurance Brokerage
- Private Equity and Investment Management
Geography
- Canada – Synex is a Canadian company with a significant presence in the national insurance market, with particular strength in Quebec.
- Quebec – CDPQ is based in Quebec and plays a substantial role in its support of Synex, emphasizing the geographical importance of this region.
Industry
- Insurance Brokerage – Synex operates as an independent insurance brokerage firm in Canada, making this industry highly relevant to the article.
- Private Equity and Investment Management – CDPQ and Ares Management Credit funds, the new minority shareholders, are significant players in private equity and investment management, emphasizing the relevance of this industry.
Financials
- $1 billion – The annual premium volume generated by Synex.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Synex Business Performance | Target | Company | A large independent insurance brokerage firm in Canada. |
| Caisse de dépôt et placement du Québec (CDPQ) | Bidding Company/Shareholder | Company | A long-term institutional investor that is supporting Synex with equity and debt financing. |
| Ares Management Credit funds | Shareholder | Company | Ares Management's Credit funds are known for providing scalable and flexible capital solutions, now supporting Synex's growth strategy. |
| Yan Charbonneau | President and Chief Visionary Officer | People | The leader of Synex, guiding the company's strategic growth. |
| Kim Thomassin | Executive Vice-President and Head of Quebec | People | Represents CDPQ in their investment and strategic partnership with Synex. |
| Scott Rosen | Partner | People | A partner at Ares Management involved in the investment in Synex. |