JAB to acquire Figo
JAB, which invests in “consumer-focused industries with attractive long-term dynamics,” is announcing that Independence Pet Group (formerly Iguana Capital), JAB’s U.S. pet insurance platform, has entered into a definitive agreement to acquire Figo Pet Insurance. As part of the agreement, the shareholders of Figo will roll a portion of their equity interests into PetPartners, the consumer-facing portion of JAB’s pet insurance platform. Following the acquisition, which is expected to close by the end of the year, Figo will be a wholly-owned subsidiary of PetPartners.
Figo provides access to live veterinarians, digital pet record management, and a social network for pet parents. The company recently partnered with Costco and policies are underwritten by Independence American Insurance Company.
Through these acquisitions, JAB’s Independence Pet Holdings has established an integrated pet insurance platform offering full-stack capabilities ranging from consumer-focused insurance products to turnkey partner solutions. The platform is licensed in all 50 states, with insurance industry veteran David Kettig, formerly the President and COO of IHC, as CEO.
“Figo exists because of our deeply held belief that pet owners deserve simple and meaningful solutions to protect their loved ones. We are thrilled to partner with JAB to improve the quality of care and coverage available through Figo’s best-in-class technology and customer experience.” – Figo CEO and Founder Rusty Sproat.
“Rusty and David are true innovators in the pet insurance industry, and we are thrilled to partner with them on this fantastic acquisition. Together with their teams, they will build with us a leading North American tech-driven pet insurance ecosystem.” – JAB Insurance Partner Dirk Beeckman.
“The long-term mega trends in petcare, including the humanization of pets and improvement in care, are driving sustained long-term growth, and pet families are seeking solutions to ensure the highest level of care is available and affordable. Pet insurance is a key resource which we want to make more widely accessible, especially in the U.S. where pet insurance is underpenetrated. Our acquisitions of Figo and IHC’s pet insurance business are a significant step forward in our ambition to build a world-class petcare platform.” – JAB Senior Partner, David Bell.
Today’s news follows the recently announced acquisition of Independence Holding Company’s pet insurance business, which includes the consumer-facing PetPartners, and IHC’s pet insurance underwriting business, Independence American Insurance Company. The acquisition of PetPartners closed in June. The closing of the Independence American transaction is expected later this year and is subject to customary closing conditions, including applicable regulatory approvals.
JAB Holding Company is also acquiring a majority stake in Cardif Pinnacle , a pet insurance-focused subsidiary of BNP Paribas SA.
