CIVC Partners Portfolio Company, StoneRidge Insurance Brokers, Enters into an Agreement to purchase The MultiCare Group and taps Scott Sudley to run the Group Benefits/Pension business
ANCASTER, ON — SIB Corp., a leading national provider of insurance and consulting services, is pleased to announce that it has entered into an agreement to purchase the MultiCare Group (“MultiCare”) from Adam Lewis and has appointed Scott Studley as EVP of SIB’s Group Benefits/Pension business unit. Scott will also sit on SIB’s executive committee.
“We are very fortunate to have both Adam and Scott join the SIB team. Scott will bring a tremendous amount of skill and experience to what is a growing business segment at SIB. Additionally, it has been great to get familiar with Adam and his business. He is a great fit with our high touch, client oriented/sales minded culture” said Ted Puccini, SIB’s CEO and President.
“I am very excited to officially join my long-time friend and business colleague Adam Lewis and the team at MultiCare” said Scott Studley. “Adam is an incredibly knowledgeable benefits consultant who helped change a sleeping benefits industry that needed an innovative overhaul in the early 1990s. Adam is very hands on with his clients which is paramount to both of us. At SIB we aim to continue looking for innovative, non-traditional solutions that garner savings, strengthen contractual definitions and ease administrative workloads for all clients.”
Adam Lewis added “I could not be happier to have Scott join the MultiCare team. As a respected change leader in the group retirement and pension industry, Scott has garnered the respect of his clients and peers alike for his knowledge, responsiveness and work ethic. Ted and the entire SIB group have really impressed me and partnering with them is an exciting step for MultiCare that will continue to set us apart and allow us to expand our product offerings to all our clients”.
SIB continues to actively seek additional partnership opportunities and is committed to growing organically and through partnership investments across Canada and is actively seeking partnership/acquisition opportunities.
Headquartered in Ancaster, Ontario, with 57 partner locations, SIB operations include leading insurance brokerage(s), MGA/MGU, and adjuster and has been providing a full range of insurance, risk advisory, life and benefits services to businesses, associations and individuals since 1945. For more information on SIB’s partnership and investment approach, please visit www.stoneridgeinsurance.ca/partnerplatform.
About CIVC Partners, LP
CIVC Partners is a Chicago-based private equity firm established in 1970 to provide growth capital to entrepreneurs and founders. Since 1989, CIVC has invested over $2.0 billion in 75 platforms, primarily as growth and buyout capital, along with founders and executives in middle-market companies mainly in the business services sector. CIVC Partners currently invests from CIVC Partners Fund VI. More information on CIVC Partners and its portfolio companies can be found at www.civc.com.