By Michael Loney

April 9 - (The Insurer) - Synex Business Performance has announced a strategic partnership with Greater Toronto-based FSB Group, the acquirer’s first deal since securing investment from Caisse de dépôt et placement du Québec and Ares Management.

Concord, Ontario-based FSB was founded in 1985. It comprises two well-established brokerages, FSB Insurance and FSB Commercial.

FSB has more than 115 employees and manages more than C$125 million ($88.7 million) in premiums. It provides personal, commercial and high-net-worth insurance solutions.

This acquisition is Quebec-based Synex’s first following the investment from CDPQ and Ares Management Credit funds announced earlier this month. The two institutional investors joined Synex as minority shareholders.

Synex said that the FSB deal “marks a meaningful step in the company’s long-term growth strategy, reflecting Synex’s commitment to working hand in hand with high-performing, people-first firms across Canada.”

Following the deal, Synex has a team of more than 800 employees and a premium volume of more than C$1.1 billion.

“This partnership with FSB is fully aligned with our vision: building a strong and independent national group that empowers local brokerages to thrive,” said Yan Charbonneau, chairman of the board and chief vision officer of Synex.

Dowling Hales served as FSB’s exclusive financial advisor.