Canadian private equity firm Penfund has invested $55 million in CBI Health Group, a Toronto-based provider of outpatient rehabilitation and home health services. The investment was the lead order for a new $70 million subordinated credit facility to support a dividend recapitalization of CBI. Penfund also acted as sole underwriter and agent of the facility. CBI, which operates more than 250 facilities across Canada, is a portfolio company of OMERS Private Equity (OPE). OPE acquired it in 2011 from Clearspring Capital Partners. Penfund, a junior capital provider to mid-market companies, is currently investing from Penfund Capital Fund V, which raised $724 million in 2016.
Penfund Announces C$55 Million Investment in CBI Health Group
TORONTO, Feb. 21, 2018 (GLOBE NEWSWIRE) — Penfund, an independent provider of junior capital to middle market companies in the United States and Canada, announced today the completion of an investment in CBI Health Group (“CBI”), a portfolio company of OMERS Private Equity (“OPE”).
Penfund Capital Fund V (the “Fund”) provided a C$55.0 million lead order for a new C$70.0 million subordinated credit facility to support a dividend recapitalization of CBI. Penfund also acted as sole underwriter and agent of the subordinated credit facility. Jeremy Thompson, a partner at Penfund, stated, “We are delighted to be able to support OMERS again and are excited to partner with CBI as they continue to execute their growth strategy.”
About CBI Health Group
Headquartered in Toronto, Ontario, CBI is a leading national provider of home health and outpatient rehab services in Canada. From over 250 facilities, CBI provides services from a dedicated team of more than 12,000 that includes physiotherapists, occupational therapists, registered massage therapists, kinesiologists, chiropractors, speech-language pathologists, psychologists, physicians, nurses, caregivers, dieticians and behaviour therapists. CBI’s expanding transitional and residential community care network now numbers more than 100 homes nationwide.
About OMERS Private Equity
OMERS Private Equity invests globally in private equity assets on behalf of the OMERS pension plan. Investments are aimed at generating strong returns to help deliver secure and sustainable pensions to OMERS members. OMERS Private Equity has offices in Toronto, New York, and London. OMERS is one of Canada’s largest pension funds with net assets of C$85 billion.
Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund V. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals and has invested more than C$3 billion in over 225 companies since its establishment in 1979. Assets and capital under management exceed C$1.1 billion.
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Photo courtesy of CBI Health Group