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NFP acquires Foster Park Brokers in Western Canada expansion effort

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Insurance broker and consultant NFP has struck a deal to acquire Foster Park Brokers to expand its brokerage operations in Western Canada.

Financial terms of the transaction, which closed on November 1, were not disclosed.

With 135 employees, Foster Park provides commercial and individual P&C insurance, life and group benefits, private client services, and bonding and surety products.

The Canadian brokerage firm operates from four offices based in Edmonton, Calgary and Grande Prairie, Alberta, and Langley, British Columbia.

Foster Park president and managing partner Mark Wiens will now serve as managing director of commercial lines for NFP in Canada's Western region, reporting to John Haas, president of NFP Canada.

Other senior managers and staff, including executive partners Andre Charrois, Steven Whitehouse, Roger Roebuck, Denise Theberge and Hugh Watt will also join NFP in Canada.

Commenting on the deal, Haas said in a statement: “We've been working to identify the right partner to expand into Western Canada and we've found that partner in Foster Park,” adding that “their excellent reputation, relationships and results across the region will accelerate our growth across Canada.”

“In addition, Foster Park's significant investments in industry-leading proprietary technology platforms that support long-term customer relationships will bring additional value to NFP's clients in Canada,” Haas concluded.

Wiens said: “This transaction will bring immense value to our existing clients and future opportunities.”

“Accessing new resources — products, services, expertise — will allow our staff to continue to be in a position of providing industry leading solutions and service,” the executive added.

Sequeira Partners served as exclusive financial advisor in the deal, and DLA Piper LLP and Bryan & Company LLP acted as legal counsel to Foster Park and its affiliates, while Dentons served as legal advisor to NFP.

Acquisitive NFP has struck several deals throughout this year as part of its inorganic expansion plans across North America and overseas.

In late September, the company struck a deal to buy Thompson Flanagan, a Chicago-based broker that provides services to evaluate risk to law and private equity firms.

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