OMERS PE to sell Maxxam Analytics International for C$650 mln

OMERS Private Equity has agreed to sell Maxxam Analytics International, which provides analytical services to the energy, environmental, food and DNA industries, to Bureau Veritas for C$650 million. The transaction is subject to customary closing conditions.

Press Release

OMERS Private Equity (‘OPE’) has announced the signing of an agreement to sell Maxxam Analytics International (‘Maxxam’) to Bureau Veritas for CAD$650m. The transaction is subject to customary closing conditions.

Maxxam is Canada’s leader in analytical services and solutions to the energy, environmental, food and DNA industries. Maxxam processes approximately 2.5mln samples and generates in excess of 41mln results annually through Canada’s only national network of laboratories.

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 $6bln of investments under management. OMERS is one of Canada’s largest pension funds with over CAD$60bln in net assets.

Bureau Veritas is a global leader in testing, inspection and certification services. The company has more than 60,000 employees worldwide, and earned almost 4 billion euros in revenue in 2012. Listed on NYSE Euronext, Bureau Veritas has its headquarters in Neuilly-sur-Seine in France.

Robert W. Baird & Co., a leading middle market investment bank, was the exclusive financial adviser to Maxxam on the sale process.

Jon Harrison, Managing Director in Baird’s London office stated, “This transaction will be the largest M&A deal in the TIC (‘Testing Inspection and Certification’) industry this year and one of the largest in Bureau Veritas’ history.

“The TIC industry is seen as highly attractive by both public and private equity investors thanks to strong underlying growth drivers, including ever increasing regulation and demand for quality assurance. This is also a fragmented market with a lot of opportunity for consolidation.”

Joel Cohen, Managing Director in Baird’s Chicago office noted, “Baird’s deep global sector focus and international teamwork enabled us to provide valuable advice to OPE and Maxxam in this trans-Atlantic transaction.”

Baird has been focused on the Testing Services and Test and Measurement Instrumentation sectors for approximately 15 years. This transaction represents the latest of over 50 transactions in these sectors completed in this time frame. In addition to Bureau Veritas, Baird has transacted with other leading industry players including: Applus, Underwiters Laboratories, Mistras, Danaher, AMETEK, Honeywell, Emerson Electric and Illinois Tool Works.