John Stark & Co. to broaden its personal, commercial, and life insurance products and services. Stark is a family-owned and runned full-service insurance agency established in 1870 that serves central and southern Ontario in Canada, with offices in Barrie and Coldwater. Stark represents a number of insurance firms, guaranteeing that its customers receive tailored, high-quality insurance advice, as well as existing policy maintenance and claims support. The deal’s financial specifics were not revealed.
John Stark & Co. president Colin Stark expressed delight over the acquisition. He said, “After 150 years, we are excited to pass along ownership of Stark to SIB, who we believe will be able to continue understanding our customers’ needs and offer competitive premiums to achieve the right solution”.
Ted Puccini, CEO and president of SIB, expressed confidence over the company’s expansion. He said, “SIB has completed five transactions so far in 2021, including four joint venture transactions and one full acquisition, with another transaction expected to be completed by year end. We hope to continue this momentum into 2022 with two transactions expected to close early next year.”
Since collaborating with private equity company CIVC Partners, LP in November 2019, SIB has made eight investments with the eighth one being Stark. SIB continues to aggressively explore further collaboration possibilities and is committed to developing organically and via partnership investments throughout Canada.
