On October 5, 2020, Novacap announced that it had acquired an interest in AGA Financial Group Inc. ("AGA").

AGA helps businesses across Canada develop and administer tailor-made group insurance plans. AGA is also one of Quebec's leading third-party administrators and third-party payers (TPA/TPP) of group insurance and retirement plans. Its clients include over 1,200 small, medium and large businesses, as well as financial security and group insurance consultants wishing to make a group insurance plan available to their clients. AGA has a Quebec-wide distribution network and more than 100 employees across its offices in Montreal and Quebec City.

AGA is the third investment of the Novacap Financial Services I fund since its first closing in November 2019. Novacap is the first private equity firm in Canada to launch a fund dedicated to investing in financial services businesses.

Gowling WLG acted as legal advisor to AGA with a team led by Marc Tremblay and that included Stefan Nasswetter and Mathieu Santos-Bouffard (corporate/M&A); Laura Gheorghiu (tax); Jean-Francois Vadeboncoeur, Larisa Albu and Rosalie Munger (banking); and Tina Aswad (employment); assisted by paralegal Tanya DeNardis.