Global investment company JAB Holding Co. is acquiring a majority stake in UK pet insurer, Cardif Pinnacle.
Cardif Pinnacle’s current parent company, BNP Paribas Cardif, will retain a significant minority interest in the insurer.
The transaction is expected to close in the second quarter of 2022, subject to customary closing conditions, including applicable regulatory approvals. Financial terms of the deal were not disclosed.
This strategic alliance significantly enhances JAB’s pet insurance platform, now extending its reach into the UK; the Europe, Middle East and Africa (EMEA) region, and Latin America. Through its Independence Pet Holdings platform (previously called Iguana Capital), JAB recently acquired several leading American pet insurance businesses including Figo Pet Insurance and IHC’s pet insurance business.
“We are delighted to partner with JAB to deliver a holistic suite of pet insurance and healthcare services,” said Pauline Leclerc Glorieux, CEO of BNP Paribas Cardif. “We believe the combination of BNP Paribas Cardif’s global partnership know-how and strong technical capabilities, drawn from extensive experience, with JAB’s expertise establishing world-class brands and platform building, ideally positions us to become one of the leaders in the growing pet healthcare industry.”
“Though the European pet insurance market is the world’s second largest, the quality and availability of services vary dramatically from country to country,” said JAB Insurance Partner Dirk Beeckman. “Our collaboration with BNP Paribas Cardif reflects a shared vision that pet owners in the UK and Europe deserve better, and that by combining forces we can build on BNP Paribas Cardif’s strong expertise and support to enter new markets and achieve accelerated, long-term growth.”
About JAB
Privately held JAB Holding Co. invests in companies with premium brands, attractive growth and strong cash flow, and has controlling and anchor stakes in companies across the following five investment platforms: coffee & beverages, fast-casual restaurants, petcare, beauty and luxury, and indulgence. The company is headquartered in Luxembourg.
About Cardif Pinnacle
Cardif Pinnacle is the UK insurance business within BNP Paribas Cardif, which has a presence in 33 countries around the world. The company is part of the global banking group, BNP Paribas. As the insurance subsidiary of BNP Paribas, BNP Paribas Cardif is a leader in bancassurance partnerships and creditor insurance. Borehamwood, England-based Cardif Pinnacle develops products and services focused on the pet insurance market.
Source: JAB Holding Co.
Topics Mergers & Acquisitions Carriers
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