JAB got a giant step closer in building a petcare platform: After making public that the investment company is searching for a $5 billion fund to make acquisitions, JAB now made two acquisitions that aid gaining in importance in the industry, especially in the insurance sector in UK, EMEA, Latin America and the US.
The first one is a stake acquisition of UK insurer BNP Paribas Cardif’s pet insurance division Cardif Pinnacle. CEO Pauline Leclerc Glorieux stated, that BNP is happy about the new partnership. “We believe the combination of BNP Paribas Cardif’s global partnership know-how and strong technical capabilities, drawn from extensive experience, with JAB’s expertise establishing world-class brands and platform building, ideally positions us to become one of the leaders in the growing pet healthcare industry.”
JAB partner Dirk Beeckman emphasized their shared goal to improve the varying quality and availability of insurance services in Europe.
The second acquisition is a full acquisition of US pet insurancer Figo Pet Insurance. Beeckman raves about Rusty’s and David’s level of innovation in the pet insurance industry. “Together with their teams, they will build with us a leading North American tech-driven pet insurance ecosystem”, he explained.
JAB Senior Partner David Bell added: “Pet insurance is a key resource which we want to make more widely accessible, especially in the U.S. where pet insurance is underpenetrated. Our acquisitions of Figo and IHC’s pet insurance business are a significant step forward in our ambition to build a world-class petcare platform.”