MB Pensions & Benefits Announces Acquisition by Sterling Brokers, Marking a New Era of Tech-Driven Employee Benefits
Calgary, Alberta, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Summary: Canada-based employee benefits brokerage technology firm Sterling Brokers acquires MB Pensions & Benefits Group Inc., a B Corp certified, all-female-owned and operated employee benefits brokerage.
Caption: MB Pensions & Benefits Group Inc Credit: MB Pensions & Benefits Group Inc
MB Pensions & Benefits Group Inc., a B Corp-certified, female-owned employee benefits brokerage, is thrilled to announce its acquisition by Sterling Brokers, an industry-leading benefits brokerage and Third Party Administrator (TPA) renowned for revolutionizing employee benefits solutions with their proprietary technology platform.
Now rebranded as MB Pensions & Benefits Group powered by Sterling, Bethany ‘Beth’ McNeill, the founder of MB Pensions & Benefits Group Inc., will continue to play a significant role in the company as Managing Director along with MB’s existing team lead by Anna Borecka, Senior Director of Account Management.
“One of the main reasons we were so excited to have the MB team join us at Sterling is the positive cultural contribution they will make. The resilience, passion and collaboration demonstrated by the MB founders will prove to be a great fit with the Sterling team and culture. We’re excited to have them on this next part of our journey,” says Andrew Blanchard, CEO of Sterling Brokers.
Caption: MB Pensions & Benefits Group Inc Credit: MB Pensions & Benefits Group Inc
As a former elite rugby player, national champion and psychology scholar at St.Francis Xavier University, Beth founded MB Benefits in 2017 after recognizing several critical discrepancies when it came to the mental health offerings available to companies through the Canadian employee benefits landscape. This experience drove her to create a brand that prioritized sourcing comprehensive and tailored mental health and wellness options for their clients with unparalleled expertise.
“Each of our customers has a unique mental health need that we’ve always been passionate about trying to address through more nuanced, and evidence-based mental health offerings - we’ve built our company around this mission,” says Beth. “A great idea can only come to fruition with a great team, and our core group has always been aligned with ensuring that we find a solution that fits the client versus fitting the client into a one-size-fits all solution.”
The market was receptive to this paradigm.
“After just seven years of business MB demonstrated revenues similar to firms that have been in employee benefits for significantly longer periods of time. Given how young the MB team is, it makes their growth and success to date remarkable.”
- Andrew Blanchard, CEO
Sterling Brokers, a leader in modern benefits solutions, offers distinctive expertise and innovative technology which bring enterprise level benefit solutions to small and medium size businesses in Canada and internationally. Their proprietary benefits and administration platform powers a seamless and efficient experience for both plan sponsors and members, helping companies redefine the standards of employee benefits, and making them more accessible and tailored to the unique needs of diverse industries across Canada. Sterling’s coast-to-coast service, core values - talent, growth and culture - and commitment to customer success make them the go-to partner in the employee benefits industry.
The strategic partnership is set to propel MB Benefits into a new phase of growth and innovation.
“We’re so grateful to have found a great partner in Sterling - someone who aligns with our values and is committed to driving meaningful change within the employee benefits landscape. This alignment gives our clients and our team capabilities that are unparalleled. Our mission first and foremost has been to remove financial barriers between people and their health; Sterling’s platform and commitment to pushing the envelope can move this forward exponentially,” says Beth.
Andrew Blanchard, CEO of Sterling, echoed Beth’s enthusiasm for the future. “We found the perfect team fit in the MB Pension & Benefits team, giving us the opportunity to serve more Canadian companies in more markets with our distinctive technology, product, and service offerings. Beth and Anna’s approach benefits consulting from a client-centric lens. They are passionate about driving great health outcomes for plan members. We strive to live up to these standards every day at Sterling and felt that the addition of MB would help us on that journey.” Truly a bottom-up company, the Sterling team views Beth and Anna as two of the best advisors in Western Canada.
Since 2019, Sterling has made 12 acquisitions. “We are always looking to grow with great people and great clients. We are the largest independent Canadian Broker and adding MB Pension and Benefits added to our depth as an organization,” states CFO and President, Tom McArdle. “There have been hundreds of transactions in the employee benefits space, we feel confident that we just made the best of them all.”
This strategic partnership marks a distinctive transaction in the Canadian Benefits landscape to date, an industry which has seen a flurry of M&A activity since 2019, with the MB team of four being all female and employee-owned.
The acquisition is anticipated to drive more women to pursue leadership or ownership roles in the insurance and benefits industry. Beth, reflecting on the journey, emphasized the importance of female entrepreneurship and advisory in the employee benefits space. “As advisors, we’re advocates for the companies and the people we represent, and if that advisory and paradigm doesn’t shift with the people you’re providing service to, there is misalignment. We need to broaden what that advocacy looks like, especially for women. And that starts with having more women in the driver’s seat in this industry, moving discussion into action. I hope this transaction is visible to other women thinking of taking that leap.”
As MB Benefits moves into this new chapter with Sterling, the company remains dedicated to its founding principles: eliminating financial barriers between people and their health, championing human sustainability, and advocating for companies who believe that wellness is a driver of profitability.
Media Contact
Name: Anna Borecka
Email: anna@mb-group.ca; anna.borecka@sterlingcapitalbrokers.com
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