U.S. buyout firm The Gores Group has completed its purchase of several non-strategic business units owned by Davis + Henderson Corp., a Toronto-based provider of technology solutions to financial institutions. The acquired business units will now operate as East Mall, Ontario-based Millennium Process Group Inc., and will focus on business process outsourcing, coupon and rebate processing, and real estate software. Financial terms of the deal were not published.
The Gores Small Capitalization Partners, L.P., an investment vehicle of The Gores Group, today announced the acquisition of three business units in Canada from the Davis + Henderson Corporation (TSX:DH). The three business units, which will be renamed and operated as the Millennium Process Group, will focus on (i) business process outsourcing, (ii) coupon and rebate processing, and (iii) real estate software for agents and real estate boards. Terms of the transaction were not disclosed.
“We are excited about this acquisition and the formation of Millennium Process Group,” said Victor C. Otley, Managing Director for The Gores Group. “Millennium Process Group will provide current and future customers a stable service delivery platform focused on the Canadian market.”
Gores Small Capitalization Partners, L.P. also announced that Don Moffatt, who brings extensive experience in leading large contact center operations at both the telecom and financial services verticals, will serve as Chief Executive Officer of Millennium Process Group. The current operating teams will continue to manage these business units as we look to expand both the scope and depth of service offerings.
Moffatt added, “This company has great assets, employees and clients, and we look forward to working with Gores to help us leverage our existing core capabilities and expand our service offerings while continuing to provide an outstanding client experience.”
About The Gores Group, LLC
The Gores Group, a global investment firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm’s operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London. For more information, please visit www.gores.com.
D+H is a leading provider of secure and reliable technology solutions to North American financial institutions. With a long history as a trusted partner to banks, credit unions and other financial services providers, D+H’s solutions allow our customers to focus on serving their customers. And, as the financial services marketplace continues to evolve, so do we. D+H offers a wide spectrum of technologies and services that are designed to help financial institutions stay competitive by supporting specific areas of their business as well as overall operations. D+H’s diverse and growing portfolio includes everything from lending technologies, to loan administration services, to payment solutions including cheque and value-added membership marketing programs. In 2012, D+H rose to 35th on the FinTech 100, a ranking of the top technology providers to the global financial services industry.
Davis + Henderson Corporation is listed on the Toronto Stock Exchange under the symbol DH. Further information can be found in the disclosure documents filed by Davis + Henderson Corporation with the securities regulatory authorities, available at www.sedar.com.
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