Novacap Returns as an AGA Benefit Solutions Shareholder
Novacap and the Fonds de solidarité FTQ acquire TA Associates’ stake in AGA
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MONTREAL, Nov. 02, 2026 (GLOBE NEWSWIRE) — AGA Benefit Solutions (“AGA”) today announced that Novacap, a leading North American private equity firm, has become a shareholder to support the continued growth of our business across Canada. Novacap has partnered with the Fonds de solidarité FTQ, a venture and development capital investment network, to acquire the interest previously held by TA Associates (“TA”), which became AGA’s financial partner in March 2024. AGA’s management team remains a significant shareholder.
Since 2020, AGA has completed a series of acquisitions that have enabled it to expand across Canada, notably in Ontario and Western Canada. With more than 7,000 clients and nearly 350 employees, AGA has leveraged its distinctive combination of expertise as a third-party administrator/payor (TPA/TPP), broker, and consultant to significantly grow its share of the group insurance and retirement savings market.
“Our successful strategy of targeted acquisitions and organic growth has delivered strong results in recent years, and we intend to stay the course. Partnering with Novacap and the Fonds de solidarité FTQ was a natural fit, given their deep knowledge of the Canadian market and their confidence in AGA’s prospects. With the talent of our people and accelerated technology investment, we are well positioned to win over even more Canadian organizations,” said Martin Papillon, President and Chief Executive Officer of AGA.
The transaction marks Novacap’s return as an AGA shareholder, a role it held from 2020 to 2024. “We are reinvesting in AGA for the same reasons we invested the first time: AGA’s experienced team, outstanding reputation, and proven results of its acquisition strategy. We are excited by AGA’s plans to keep creating sustainable value and are pleased to partner with the Fonds de solidarité FTQ this time around,” said Marcel Larochelle, Managing Partner at Novacap.
“Deeply rooted in Quebec since its founding, AGA has established a strong presence across Canada driven by an ambitious growth strategy and an exceptional team. Together with Novacap and AGA’s management team, we are proud to help support the company’s next phase of growth, both in Québec and across the country,” said Saloua Benkhouya, Vice-President, Private Equity and Impact Investing – Entertainment and Services, Fonds de solidarité FTQ.
“TA supported AGA at an important stage in its development, working with the team to strengthen the organization and broaden its presence across Canada. We are proud of the growth and maturation of the organization during this period and wish AGA continued success with Novacap and the Fonds de solidarité FTQ,” said Clara Jackson, Managing Director at TA.
About AGA Benefit Solutions
As an employee benefits company, AGA (aga.ca) develops and administers customized group insurance and group retirement savings plans. Established in 1978, the company has offices in Montreal, Quebec City, Kitchener, Markham, Edmonton, Calgary and Vancouver. We offer each of our 7,000 clients the plan they’re looking for, one that’s simple and easy to manage so they can recruit, motivate and retain human capital more effectively with an attractive benefits package.
About Novacap
Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on control buyouts of middle market and lower-middle market companies across four core strategies: Technologies, Digital Infrastructure, Industries and Financial Services. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over US$12 billion in assets under management and offices in Montreal, Toronto and New York, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution. Learn more at novacapcorp.com.
About the Fonds de solidarité FTQ
A source of pride for Quebecers, the Fonds de solidarité FTQ fulfills its mission through a unique business model created more than 40 years ago. Since then, the Fonds has brought Quebecers together by channeling the retirement savings of more than 828,000 shareholders-savers into investments that support Québec’s economy.
With net assets of $23.7 billion as of May 31, 2026, the Fonds supports thousands of companies through direct and indirect venture and growth investments, resulting in investments that generate both a financial and societal impact. In fiscal 2025–2026, the Fonds and its local, regional and real estate networks invested $1.9 billion in Québec’s economy. For more information, follow us on LinkedIn.
About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its core sectors, including healthcare, technology, business services, and financial services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 160 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai, and Hong Kong. Learn more at www.ta.com.
Contact information:
Renata Kappaun
rkappaun@novacap.ca
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