MDP-backed Navacord buys group benefits provider FBMI

Navacord Corp has acquired Future Benefits Management Inc (FBMI), a Toronto-based group benefits provider. No financial terms were disclosed. FBMI will join JDIMI Consulting, Navacord's broker partner focused on group benefits and retirement consulting. Navacord, a Toronto-based commercial broker, said the acquisition will deepen its specialization and create a more robust service offering. Last year, Navacord undertook a management-led buyout of its minority partner with the support of U.S. private equity firm Madison Dearborn Partners (MDP).

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