OMERS Private Equity has agreed to sell its majority interest in Caliber Collision Centers, a Lewisville, Texas-based auto collision repair operator in the United States.
Terms weren’t released for the deal, which is expected to close early in 2019.
The buyer is U.S. private equity firm Hellman & Friedman (H&F), which will merge Caliber with Abra Auto Body Repair of America, a portfolio company since 2014.
The combined collision repair provider will have more than 1,000 centres across 37 states.
OMERS acquired Caliber in 2013 from ONCAP. Leonard Green & Partners (LGP) acquired a minority stake last year. Both OMERS and LGP will be minority shareholders in the combined business.
Caliber is also backed by Canadian junior capital provider Penfund.
OMERS Private Equity Announces Agreement to Sell a Majority of Caliber Collision Centers
NEW YORK and TORONTO, Dec. 05, 2018 (GLOBE NEWSWIRE) — OMERS Private Equity today announced that it has signed an agreement to sell a majority interest in Caliber Collision Centers (“Caliber”) to funds affiliated with Hellman & Friedman LLC (“H&F”). As part of this transaction, Caliber will be merged with Abra Auto Body Repair of America (an H&F portfolio company) to form a leading collision repair provider with more than 1,000 centers across 37 states. OMERS Private Equity will retain a significant minority investment in the combined company. OMERS Private Equity is the private equity arm of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada.
“It has been an absolute pleasure to partner with CEO Steve Grimshaw and the Caliber team over the past five years,” said Tim Patterson, Managing Director at OMERS Private Equity. “Since we first invested in Caliber in November 2013, Caliber has grown fourfold – from 157 collision centers in five states to over 630 centers in 19 states today, driven by a truly inspiring culture and unmatched dedication to customer service. We are excited to support Steve and the combined team going forward as they continue their mission.”
“The OMERS team has been a true partner over the past five years,” said Steve Grimshaw, CEO of Caliber Collision. “Their long-term focus, values and work ethic align perfectly with Caliber – and we’re proud that OMERS will continue as our partner as we embark on the next chapter of growth.”
“Today’s announcement represents OMERS fourth private equity portfolio company realization in 24 months, following the sale of MatrixCare this year, and Husky Injection Molding and Civica last year. Each sale has resulted in strong income, supporting OMERS core commitment of delivering secure and sustainable pensions for our members and retirees,” said Michael Graham, Head of North America for OMERS Private Equity.
“While we are proud of what we achieved in partnership with Steve and the Caliber team, we are just as excited about our on-going investment. Across our global offices, OMERS Private Equity continues to seek opportunities to partner with great leaders who are building value for the long-term,” he added.
The transaction is expected to close early in 2019.
For Further Information:
Neil Hrab Manager, Communications – Investments
Abernathy MacGregor, for Caliber Collision:
Dana Gorman, Managing Director
About OMERS and OMERS Private Equity
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with more than $95 billion in net assets, as at December 31, 2017. OMERS invests and administers pensions for more than 482,000 members through originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.
OMERS had private equity net investment asset exposure of $11.5 billion as at December 31, 2017. OMERS Private Equity, the private equity investment arm of OMERS with a team of investment professionals in London, New York, Singapore and Toronto, seeks to use its significant and differentiated capital base to partner with management teams of industry leading businesses. For more information, please visit www.omersprivatemarkets.com
Caliber is the largest collision repair company in America with 600+ I-CAR Gold Class Professional certified collision repair centers. Caliber is consistently ranked among the highest customer satisfaction scores in the industry and backs all repair work with a written, lifetime warranty available at any of its repair centers. For more information about Caliber, please visit our website at https://calibercollision.com/ and follow us on Facebook, Twitter and YouTube.