OMERS Private Equity has completed its previously announced sale of the Canadian operations of Logibec Inc to U.S. private equity firm GI Partners. The financial terms of the deal were not published. OMERS, which acquired the Montréal-based healthcare information technology company in 2010, will continue to own its former U.S. subsidiary MatrixCare, an electronic health record provider that was recently spun out as an independent business. OMERS said the Logibec sale is its fifth successful realization in the past two years.
OMERS Private Equity Completes Sale of Logibec Inc.
TORONTO, ONTARIO–(Marketwired – Jan. 16, 2015) – OMERS Private Equity (“OPE”), the private equity investment arm of OMERS, has completed the previously announced sale of Canadian healthcare IT firm Logibec Inc. to US private equity firm GI Partners.
Logibec is a leading Canadian healthcare IT company with an innovative and client-focused approach to the development, marketing, implementation and support of clinical and administrative information systems for the health and social services sectors.
“This was another very good software investment for OPE, a sector of focus where we continue to seek to acquire high-quality assets,” said Lisa Melchior, Managing Director at OPE.
Logibec was founded in 1982, and taken private by OPE in 2010. The company has grown substantially since then, and has been recognized and ranked No. 1 amongst Top Pure-Play Health Care IT Companies in Canada for the past four years in the Branham 300 Industry survey.
“This is the fifth successful realization for OMERS Private Equity in the past two years; further evidencing the strong value being delivered on our strategy for members of the OMERS pension plan,” said Michael Graham, Executive Vice President & Senior Managing Director, OPE North America.
OPE continues to hold Logibec’s former subsidiary MatrixCare, the industry leading Electronic Health Record provider for long-term care and senior living providers, following completion of a pre-closing spin out transaction.
Harris Williams & Co and National Bank Financial acted as financial advisers and Goodmans LLP acted as legal counsel.
About Logibec Inc.
Logibec is a leading Canadian healthcare IT company that has been recognized and ranked in the Branham 300 Industry survey for the last 4 years as No. 1 among the Top Pure-Play Healthcare IT Companies in Canada. With over 30 years of dedication to the ever-evolving North American healthcare market, Logibec’s software and information systems meet the current and future needs of the health and social services sector. For further information, please visit: www.logibec.com.
About OMERS Private Equity Inc.
OMERS Private Equity (“OPE”) manages the private equity activities of OMERS and has over CAD$7 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 visit: www.omerspe.com.
OMERS is one of Canada’s largest pension funds with over CAD$65 billion in net assets. It provides first-class pension administration and innovative products and services to over 440,000 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.
About GI Partners
Founded in 2001, GI Partners is a leading middle market private equity investment firm based in San Francisco. The firm currently manages over $11 billion in capital commitments through private equity and real estate strategies for recognized institutional investors, including some of the largest state and sovereign pension funds in North America, Europe, Australia, Asia, and the Middle East. GI Partners is active in a number of key sectors, including TMT, Healthcare Services, Retail & Leisure, and Financial & Real Estate Services. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com.
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