Alexander Forbes to Expand Healthcare Business With Evo Deal

(Bloomberg) -- Alexander Forbes Group Holdings Ltd., a South African provider of retirement and insurance services, is partnering with Evo Financial Services to further expand its healthcare division as part of a drive to accelerate profit growth and increase public-sector business.

The deal will give Alexander Forbes access to Evo’s healthcare consulting clients in the mining industry and labor unions, while Evo will benefit from operational support in areas including actuarial, risk management and Alexander Forbes’ call center, the companies said in a joint emailed statement on Monday. The deal will initially involve sub-contracting consulting work worth 12 million rand ($1 million), they said.

“Evo already has an exciting pipeline of business opportunities and our collaboration will improve their conversion rates and fast-track their ambition to become a formidable player in the industry,” said Alexander Forbes Health Managing Director Butsi Tladi.

Alexander Forbes is looking at 22 potential deals in Africa that range from smaller acquisitions and partnerships to larger game changers, Chief Executive Officer Andrew Darfoor told Bloomberg in October. The deal with Evo would help Alexander Forbes better comply with a South African government push to improve the participation of the majority black population in the economy.

©2018 Bloomberg L.P.