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JAB’s Pinnacle Pet Group Expands Through Acquisition of Veterfina’s European Pet Insurance Business

JAB’s Pinnacle Pet Group Expands Through Acquisition of Veterfina’s European Pet Insurance Business | Fintech Finance

JAB Holding Company is pleased to announce the signing of a definitive agreement through which Pinnacle Pet Group will acquire 100% of the shares in Veterfina Verzekeringsmaatschappij N.V. and its European subsidiaries (“Veterfina”), one of the largest and fastest-growing pet insurance businesses headquartered in the Netherlands. The transaction is expected to close in Q4 2022, subject to customary closing conditions, including regulatory approvals. Financial terms of the agreement were not disclosed.

As part of the agreement, founder and CEO Nico Schuurbiers will continue in his current role and maintain a minority stake in PPG alongside co-founder Han de Groot. PPG will provide significant growth equity to accelerate the European expansion and development of Veterfina’s multi-brand and omni-channel strategy. This will include the introduction of FIGO, JAB’s D2C pet insurance brand and digital platform, in select European markets.

“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,” said Mr. Schuurbiers. “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.”

Today’s news follows JAB’s recently announced acquisition of AGILA Tierversicherung AG, the German market leader in pet insurance, from the WERTGARANTIE Group, and the acquisition of Cardif Pinnacle from BNP Paribas Cardif in October 2021.

“We continue to see significant growth opportunities in the European pet insurance and pet healthcare sector,” said Joachim Creus, Managing Partner at JAB and Chairman of the JAB pet insurance platform. “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.”

“We are thrilled to welcome Veterfina and its whole team to the Pinnacle Pet Group,” said Dirk Beeckman, CEO of JAB pet insurance platform and PPG. “Our ambition is to create the leading pet insurance platform globally, with the group benefiting from the knowledge and capabilities from each addition.”

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