Aviva to Acquire Optiom O2 Holding Inc.
Today, Aviva plc through its subsidiary Aviva Canada announced the acquisition of Optiom O2 Holding Inc (Optiom) from Novacap Financial Services I.
Since Novacap’s investment in September 2020, Optiom has become Canada’s largest provider of vehicle replacement insurance. Despite headwinds in dealership inventory during our investment, our partnership helped Optiom launch new products, establish a premium finance facility, and integrate key ERP business tools, which resulted in significant growth. In 2023, Optiom expanded its dealership network, became an exclusive provider for major clients, added two carrier partners to the company’s underwriting syndicate, and streamlined operations by bringing marketing in-house and implementing a new claims tool.
These developments have been underpinned by the strategic appointments of a new CEO and CFO, effectively managing the company’s leadership succession.
“The team at Optiom have been excellent partners, and we are very proud of the many accomplishments under our ownership, which include making substantial investments in the firm’s technical capabilities, accelerating revenue growth, and streamlining operations to improve the customer experience.’’ said Rajiv Bahl, Senior Partner. We wish Mark Dutton and the team every success as they begin their partnership with Aviva Canada.
The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in Q1 2024.