OMERS Private Equity has agreed to sell the Canadian operations of healthcare information technology company Logibec Inc to U.S. private equity firm GI Partners. The deal, the financial terms of which were not released, is expected to close in the first quarter of 2015. Following the close, OMERS said it will continue to own Logibec’s U.S. division MatrixCare, an electronic health record provider. The Montréal-based Logibec specializes in clinical and administrative information systems for the health and social services sectors. Founded in 1982, OMERS took the company private in 2010 for $237 million. Earlier this month, OMERS also sold Accelerated Rehabilitation Centers.
OMERS Private Equity Enters into an Agreement to Sell the Canadian Operations of Logibec Inc. to GI Partners
TORONTO, ONTARIO–(Marketwired – Dec. 19, 2014) – OMERS Private Equity (“OPE”), the private equity investment arm of OMERS, has entered into an agreement to sell Canadian healthcare IT firm Logibec Inc. to US private equity firm GI Partners. The transaction is expected to close in the first quarter of 2015, subject to satisfaction of customary closing conditions. OPE will continue to hold Logibec’s current US subsidiary MatrixCare, the industry leading Electronic Health Record provider for long-term care and senior living providers, pursuant to a pre-closing spin out transaction.
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.
“We’re very pleased to announce another successful realization in the OPE portfolio. Our investment in Logibec is a clear demonstration of our strategy, partnering with great management teams and adding value to strong companies to generate returns for OMERS,” said Lisa Melchior, Managing Director at OPE. “It has been very rewarding working with Marc Brunet and the Logibec team, and we wish them continued success in the future.”
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.
“I’d like to thank OMERS Private Equity for their valued partnership over the past four and a half years. Their commitment and support of Logibec has been a key contributor to the Company’s success,” said Marc P. Brunet, Logibec’s President and CEO.
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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