On May 9, 2023, Madison Dearborn Partners (MDP) made an additional investment in Navacord Corp., extending their partnership established in 2018. This new investment supported Navacord’s remarkable growth, increasing revenue from $130 million in 2018 to an estimated $700 million by the end of 2023. Navacord, one of Canada’s largest insurance and risk management brokerage firms, aims to achieve $1 billion in revenue in the near future. T. Marshall Sadd, Executive Chairman of Navacord, highlighted MDP’s capital markets expertise as pivotal to their continued success.

Since partnering with MDP, Navacord has completed over 80 acquisitions and employs more than 2,500 professionals across Canada. This renewed collaboration reinforces Navacord’s strategy of expanding its presence and strengthening its leadership in the insurance brokerage sector.

Stikeman Elliott served as Canadian counsel to both Madison Dearborn Partners and Navacord Corp. Transaction value was not disclosed.