JAB’s Pinnacle Pet Group expands by acquiring Veterfina’s European pet insurance business

AMSTERDAM AND LUXEMBOURG – (BUSINESS WIRE)–JAB Holding Company (“JAB”) is pleased to announce the signing of a definitive agreement whereby Pinnacle Pet Group (“PPG”) will acquire 100% of the shares in Veterfina Verzekeringsmaatschappij NV and its European subsidiaries (“Veterfina”) , one of the largest and fastest growing pet insurance businesses based in the Netherlands. The transaction is expected to close in the fourth quarter of 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 Schurbiers will continue in his current role and maintain a minority stake in PPG along with co-founder Han de Groot. PPG will provide significant growth capital to accelerate European expansion and the development of Veterfina’s multi-brand, multi-channel strategy. This will include the introduction of FIGO, JAB’s D2C pet insurance brand and digital platform, in selected European markets.

We share JAB’s ambitions for the pet insurance market and are very excited about the opportunity to work with the rest of the groupsaid mr. Barn beers. †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 (“AGILA”), 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 health sector” said Joachim Kreuss, Managing Partner at JAB and Chairman of JAB’s Pet Insurance Platform. “Veterfina has a strong customer base and excellent product offering 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 his entire team to Pinnacle Pet Group” said Dirk Beekman, CEO of pet insurance platform JAB and PPG. “Our ambition is to create the leading pet insurance platform globally, with the group benefiting from the knowledge and capabilities of each addition.

About JAB

JAB Holding Company invests in consumer-focused industries with attractive long-term dynamics, including strong growth prospects, attractive margin and cash flow characteristics, and proven sustainability. Along with JAB Consumer Partners, JAB Holding Company is the largest shareholder and controlling interest in Keurig Dr Pepper, the beverage market leader in North America, and Krispy Kreme Doughnut, the global leader in premium quality donuts and other sweet treats at JDE Peet’s, the world’s largest pure play FMCG coffee company; NVA, one of the largest platforms for animal care services in the world; Independence Pet Group, a fully integrated leading pet insurance platform in North America; Pinnacle Pet Group, a fully integrated leading pan-European pet insurance platform; Panera Brands, one of the largest fast food restaurant companies, which includes Panera Bread, Caribou Coffee and Einstein Bagels; Pret A Manger, a leading company in the ready-to-eat food market; and Espresso House, Scandinavia’s largest branded coffee shop chain. JAB Holding Company is also the largest shareholder in Coty Inc., a global beauty leader, and owns luxury goods company Bally.

About Pinnacle Pet Group

Pinnacle Pet Group (“PPG” or the “Group”) is a pan-European, fully integrated pet insurance and health services platform, indirectly owned by JAB Holding Company. PPG’s ambition is to create a leading pet insurance and health services platform globally, outside of North America. The group offers a full range of pet insurance products and services serving both pet owners, distribution partners, breeders, shelters and veterinarians. The group was formed in 2021 through a joint venture with BNP Paribas Cardif, which transferred majority ownership of Cardif Pinnacle to JAB. As the insurance subsidiary of BNP Paribas, BNP Paribas Cardif is a global leader in bancassurance partnerships and creditor insurance. In the UK, Cardif Pinnacle has developed products and services focused on the pet insurance market. In July 2022, JAB and PPG announced the acquisition of AGILA Tierversicherung AG (“AGILA”), the German market leader in pet insurance, from the WERTGARANTIE group. AGILA AG is based in Hanover and was founded in 1994 as a subsidiary of WERTGARANTIE. AGILA is the market leader in animal health insurance for dogs and cats in Germany and Austria.

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