Canadian broker Westland Insurance Group has partnered with Ontario Teachers’ Pension Plan through BroadStreet Partners, Ontario Teachers’ financial platform for investing in insurance distribution.
Westland suggests that the partnership reinforces its commitment to supporting Canadian businesses and communities as it targets continued expansion across the country.
The firm states that Ontario Teachers’ and BroadStreet complement its existing shareholder base, which includes the founding Wubs family, who will retain a significant stake in the company.
Operational control will remain with the Wubs and management following the transaction.
The transaction is expected to be completed during Q2 2023, subject to customary closing conditions, including regulatory approvals.
Jamie Lyons, President & CEO of Westland Insurance, commented, “We’re very excited to partner with Ontario Teachers’ and BroadStreet on Westland’s future growth.
“Most importantly, our new partners share our values and long-term vision. This partnership provides us with the capital needed to continue investing in our business and delivering market-leading insurance solutions to more Canadians.
“With the support of Ontario Teachers’ and BroadStreet, we’ll further expand Westland’s presence coast-to-coast and continue our journey to become Canada’s favourite insurance broker.”
Lyons continued, “Ontario Teachers’, through its financial partnership with BroadStreet, invests in select, high-performing, and entrepreneurial insurance brokers with superior management teams, which makes them a great fit for this partnership.
“The investment is a signal of confidence in Westland’s long-term potential, growth strategy, and future vision.
“We’d also like to thank Blackstone Credit, who will be exiting their investment in Westland, for their outstanding partnership, unwavering support, and commitment to helping us transform into Canada’s leading national broker over the last two and a half years.”
Rick Miley, BroadStreet’s Founder and Executive Chair said, “Westland Insurance Group possesses the characteristics that make it a great fit for a partnership with BroadStreet: the leadership team is entrepreneurial, there is a culture of ownership embedded in the firm that is consistent with our co-ownership approach and the company has a growth bias, both organic growth and growth via acquisition.”
Evercore served as financial advisor to Westland in connection with the transaction and Stikeman Elliott LLP served as its legal advisor.
BMO Capital Markets and RBC Capital Markets served as financial advisors to BroadStreet and Ontario Teachers’, and Torys LLP and Weil, Gotshal & Manges LLP served as their legal advisors.
