OMERS Private Equity, an investment arm of the Ontario Municipal Employees Retirement System, has completed its sale of portfolio company Maxxam Analytics International Corp to France’s Bureau Veritas SA for $650 million. The Mississauga, Ont.-based Maxxam Analytics, which provides analytical laboratory services to the energy, environmental, food and DNA industries, was acquired for a non-disclosed amount by OMERS in Sept. 2008. According to OMERS, the company has since then shown revenue growth of 80%, and strengthened its market position through organic expansion and acquisitions. OMERS also said that its three PE-backed exits in 2013 resulted in a combined return in excess of 40% and a combined multiple-of-money in excess of 4.0x.
OMERS Private Equity Completes Sale of Maxxam Analytics International Corporation
TORONTO, ONTARIO–(Marketwired – Feb 3, 2014) – OMERS Private Equity (“OPE”), the private equity investment arm of OMERS, has completed the previously announced sale of Maxxam Analytics International Corporation (together with its affiliates, “Maxxam” or the “Company”) to France-based public company Bureau Veritas SA (“Bureau Veritas”) for an enterprise value of CAD$650 million.
Founded over 40 years ago, Maxxam has developed into Canada’s leader in analytical services and solutions to the energy, environmental, food and DNA industries. Maxxam processes approximately 2.5 million samples and generates in excess of 41 million results annually through the only national network of laboratories. Since OPE acquired Maxxam in September 2008, its revenue has grown by 80%, and the Company has continued to strengthen its market position both organically and through strategic acquisitions.
“We are very proud to have played a strong role in Maxxam’s success over the past five years working in partnership with the company’s outstanding management team. It has been an excellent investment for OPE since 2008, and we are very pleased to have completed the sale with such a positive result and significant value generation for OMERS members,” said Don Morrison, Senior Managing Director and Co-Head North America of OPE.
“As part of its long-term, strategic plan OMERS is focused on direct ownership and active management of its investments. At OPE the effectiveness of this program was highlighted in 2013 by three realizations which resulted in a combined return in excess of 40% and a combined multiple-of-money in excess of 4.0x. We are optimistic about future opportunities to redeploy our capital in other market-leading businesses,” said Paul Renaud, President and CEO of OPE.
About OMERS Private Equity Inc.
OMERS Private Equity Inc. (“OPE”) is the private equity investment arm of the OMERS Worldwide group of companies. OPE manages the private equity activities of the OMERS pension plan and has over CAD$6 billion of investments under management. The group’s investment strategy includes the active ownership of businesses in North America and Europe. OPE is headquartered in Toronto, Canada, with offices in London and New York. For further information, please visit: www.omerspe.com.
OMERS is one of Canada’s largest pension funds with over CAD$60 billion in net assets. It provides first-class pension administration and innovative products and services to almost 430,000 members. Approximately one in every 20 employees working in the province of Ontario is an OMERS member. Through the OMERS Worldwide brand, our team of investment professionals uses a direct drive, active management investment strategy to invest in public and private market assets, including publicly-traded equities, fixed-income, infrastructure, private equity and real estate. For more information, please visit www.omers.com, or www.omersworldwide.com.
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