JAB’s Pinnacle Pet Group Expands By Acquisition of Veterfina’s European Pet Insurance policy Business enterprise
AMSTERDAM & LUXEMBOURG–(Business WIRE)–JAB Holding Firm (“JAB”) is delighted to announce the signing of a definitive arrangement by means of which Pinnacle Pet Team (“PPG”) will receive 100% of the shares in Veterfina Verzekeringsmaatschappij N.V. and its European subsidiaries (“Veterfina”), one particular of the premier and fastest expanding pet insurance policy organizations headquartered in the Netherlands. The transaction is anticipated to near in Q4 2022, subject matter to customary closing situations, which includes regulatory approvals. Monetary phrases of the arrangement were being not disclosed.
As section of the arrangement, founder and CEO Nico Schuurbiers will carry on in his present-day role and maintain a minority stake in PPG along with co-founder Han de Groot. PPG will present important progress equity to accelerate the European expansion and advancement of Veterfina’s multi-model and omni-channel approach. This will include the introduction of FIGO, JAB’s D2C pet coverage brand name and digital system, in select European markets.
“We share JAB’s ambitions for the pet insurance policy market and are really energised by the opportunity to operate with the rest of the team,” explained Mr. Schuurbiers. “We have obtained terrific success in the Dutch marketplace, but with the support of JAB’s pet coverage ecosystem, we can accelerate our geographic expansion and electronic supplying, setting up in Belgium this 12 months.”
Today’s information follows JAB’s recently introduced acquisition of AGILA Tierversicherung AG (“AGILA”), the German market chief in pet coverage, from the WERTGARANTIE Team, and the acquisition of Cardif Pinnacle from BNP Paribas Cardif in Oct 2021.
“We continue to see significant advancement possibilities in the European pet insurance coverage and pet health care sector,” stated Joachim Creus, Running Companion at JAB and Chairman of the JAB pet coverage system. “Veterfina has a solid client foundation and fantastic product or service choices in the Netherlands with a expanding pan-European offering, which we will make on as we seem to increase into new markets these types of as Belgium and France.”
“We are thrilled to welcome Veterfina and its total workforce to the Pinnacle Pet Team,” stated Dirk Beeckman, CEO of JAB pet coverage system and PPG. “Our ambition is to build the main pet coverage platform globally, with the group benefiting from the knowledge and abilities from each addition.”
JAB Holding Firm invests in buyer-concentrated industries with beautiful extended-term dynamics, which include strong advancement prospective buyers, attractive margin and hard cash movement attributes, and confirmed resiliency. With each other with JAB Consumer Associates, JAB Holding Corporation is the largest shareholder of Keurig Dr Pepper, a chief in the North American beverage sector and Krispy Kreme Doughnut, a world chief in doughnuts and other high quality-excellent sweet treats, and has controlling stakes in JDE Peet’s, the premier pure-participate in quick-moving purchaser items espresso organization in the earth NVA, one particular of the world’s largest animal care providers platforms Independence Pet Group, a totally integrated top North American pet insurance coverage system Pinnacle Pet Group, a fully integrated primary pan-European pet insurance platform Panera Brand names, just one of the world’s largest quick informal restaurant organizations, which includes Panera Bread, Caribou Coffee and Einstein Bagels Pret A Manger, a leading business in the prepared-to-take in foods industry and Espresso House, the most significant branded coffee store chain in Scandinavia. JAB Keeping Organization is also the major shareholder in Coty Inc., a worldwide leader in magnificence, and owns luxurious goods organization Bally.
About Pinnacle Pet Team
Pinnacle Pet Team (“PPG” or “the Group”) is a pan-European, completely integrated pet insurance policy & health companies system indirectly owned by JAB Keeping Corporation. PPG’s ambition is to generate the leading pet insurance coverage and health and fitness providers platform globally, outdoors North The us. The Group provides a total assortment of pet insurance policies products and providers, catering to the two animal proprietors, distribution associates, breeders, shelters, and veterinarians. The Group was recognized in 2021 as a result of a joint undertaking with BNP Paribas Cardif, which transferred the greater part ownership of Cardif Pinnacle to JAB. As the insurance plan subsidiary of BNP Paribas, BNP Paribas Cardif is the earth chief in bancassurance partnerships and creditor insurance policy. Within the United kingdom, Cardif Pinnacle made products and solutions and services concentrated on the Pet Insurance market. In July 2022, JAB and PPG declared the acquisition of AGILA Tierversicherung AG (“AGILA”), the German market place leader in pet insurance policies, from the WERTGARANTIE Team. AGILA AG is primarily based in Hannover and was established in 1994 as a subsidiary of WERTGARANTIE. AGILA is the current market chief in animal health coverage for puppies and cats in Germany and Austria.