The Caisse de dépôt et placement du Québec is selling its ownership stake in a U.S.-based insurance and consulting firm.

Through the agreement, the investment organization will sell more than 50 per cent of its shares in USI Insurances Services to USI and investment firm KKR Co. & Inc. The Caisse and KKR jointly acquired USI in 2017.

“Alongside KKR, a tremendous strategic partner in this investment journey, we have supported the growth of USI since 2017 — a unique and resilient company with an outstanding management team committed to offering best-in-class services to its clients,” said Martin Longchamps, executive vice-president and head of private equity at the Caisse, in a press release. “Our dynamic partnership has unlocked multiple opportunities and USI is well positioned to capitalize on its strengths and to continue creating value for all stakeholders.”

Read: Caisse co-invests in U.S. insurance and consulting firm

In other news, the Caisse and Savaria Corp. are entering into a private agreement for the purchase of 1,725,000 common shares of Savaria for a total consideration of around $25 million.

Through the agreement, the Caisse has the option to purchase up to $3,751,875 in additional common shares, according to a press release, which noted the investment will fund the Quebec-based accessibility company’s growth initiatives.

“With this additional investment, CDPQ is renewing its support for the company to facilitate its expansion and long-term projects,” said Kim Thomassin, executive vice-president and head of Quebec at the Caisse, in the release.

Read: Caisse returns 4.2% in first half of 2023, boosted by exposure to tech sector