Global investment firm JAB’s indirect subsidiary Pinnacle Pet Group (PPG) has agreed to acquire Veterfina’s pet insurance business in Europe.
Under the terms of the deal, PPG will acquire 100% of the shares in Veterfina Verzekeringsmaatschappij and its European subsidiaries. The financial terms of the transaction were not disclosed.
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The deal is expected to complete in the fourth quarter of this year, subject to regulatory approvals and other customary closing conditions.
Following the completion, Veterfina founder and CEO Nico Schuurbiers will continue to hold his current position. Schuurbiers, along with co-founder of the company Han de Groot, will also own a minority stake in PPG.
Headquartered in the Netherlands, Veterfina provides pet insurance solutions.
PPG will work to develop Veterfina’s multi-brand and omni-channel strategy. It is expected to launch FIGO, JAB’s direct-to-consumer (D2C) pet insurance brand and digital solution, in some European markets.
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By GlobalDataSchuurbiers said: “We share JAB’s ambitions for the pet insurance market and are highly energised by the opportunity to work with the rest of the group.
“We have achieved great success in the Dutch market, but with the support of JAB’s pet insurance ecosystem, we can accelerate our geographic expansion and digital offering, starting in Belgium this year.”
The latest deal follows JAB’s two recent acquisitions- German pet insurance provider Agila Tierversicherung (Agila) from Wertgarantie Group; and Cardif Pinnacle from BNP Paribas Cardif.
JAB managing partner and pet insurance platform chairman Joachim Creus said: “We continue to see significant growth opportunities in the European pet insurance and pet healthcare sector.
“Veterfina has a strong customer base and excellent product offerings in the Netherlands with a growing pan-European offering, which we will build on as we look to expand into new markets such as Belgium and France.”
