GI Partners said Friday it acquired Logibec from OMERS Private Equity. Financial terms weren’t announced. Montreal based Logibec is a healthcare IT company.
SAN FRANCISCO, Dec. 19, 2014 /PRNewswire/ — GI Partners (“GI”), a leading middle market private equity firm, announced today that it has signed a definitive agreement to acquire Logibec, Inc. (“Logibec”), a Canadian healthcare IT company, from OMERS Private Equity.
Logibec is one of Canada’s largest healthcare IT companies specialized in the development, marketing, implementation, and support of clinical and administrative information systems. The company has a team of over 300 professionals and a large number of healthcare facilities using the company’s software. Dedicated entirely to the health and social services sectors, Logibec was founded in 1982 and is headquartered in Montreal.
Howard Park, Managing Director at GI Partners, said, “The acquisition of Logibec leverages our deep industry experience gained through previous IT infrastructure and healthcare services investments. Logibec is a leader in its field, providing IT solutions that create greater efficiencies in the clinical and administrative management of healthcare facilities. We are excited to partner with the company’s talented management team to continue the company’s growth trajectory and deliver its solutions to a broader base of clients.”
Marc P. Brunet, Logibec’s President and CEO, said, “We have built a strong company and our comprehensive and integrated solutions provide leading technology to facilitate the continuous transformation of healthcare services that our clients are experiencing. The GI team understands our industry and has a proven ability to help us identify innovative new solutions to build on our competitive edge and continue to grow our base of clients.”
Dave Kreter, Vice President of GI Partners, said, “We have spent a significant amount of time looking for the right healthcare IT investment and have found it in Logibec. We strongly believe in the company’s recurring revenue model, providing solid downside protection for our investment, coupled with the company’s clear growth potential. We will pursue various strategic initiatives to unlock that potential, such as introducing new product lines, expanding into new geographies, and executing add-on acquisitions, in order to drive meaningful value creation for our investors.”
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 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.
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 ofOntario 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.