Briefing

Novacap acquires Calgary-based insurance firm Optiom

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The Montreal and Toronto-based private equity firm purchased a majority stake and plans to help Optiom expand its Canadian presence. (The Logic)

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Talking point: Novacap used its financial-services fund for the acquisition. That fund closed in November 2019 as the first Canadian private equity fund focused entirely on financial-services firms. Novacap, which has $3.6 billion in assets under management, has made a number of recents bets in the tech space. Last month, it acquired an interest in e-commerce firm FortNine. In 2017, it acquired Nuvei at a valuation of $525 million. That firm is now looking to go public later this month, at a valuation in excess of US$2 billion.