Senior OMERS Private Equity exec Jon McCarthy departs

Jon McCarthy, a 12-year veteran of OMERS Private Equity, left the firm at the beginning of May, a person with knowledge of the matter told PE Hub Canada.

McCarthy, a member of OPE’s Toronto team, joined in 2007 as an associate and went on to become one of the group’s 12 managing directors. He left to pursue new career opportunities, the nature of which is unclear, the source said.

McCarthy’s focus was the North American market. He was responsible for originating, executing and managing several platform investments, including Caliber Collision Centers, a Lewisville, Texas, auto-collision-repair business.

OPE acquired Caliber in 2013 from ONCAP, at which time McCarthy became a director. In February, OPE sold its majority stake to Hellman & Friedman, which merged Caliber with Abra Auto Body Repair of America.

OPE and Leonard Green & Partners are minority investors in the merged company.

McCarthy was especially active in healthcare investments, a longtime area of OPE specialization.

He was a director of CBI Health, a Toronto provider of rehabilitation and home health services, bought in 2011 from Clearspring Capital Partners, and Forefront Dermatology, a Manitowoc, Wisconsin, network of dermatology practices, bought in 2016 from Varsity Healthcare Partners.

McCarthy also played a lead role in the 2011 purchase of Accelerated Rehabilitation Centers, a Chicago provider of outpatient rehabilitation services, from Gryphon Investors. OPE sold the business in 2014 to Harvest Partners-backed Athletico Physical Therapy, reportedly for US$450 million.

Before OPE, McCarthy worked in sell-side equity research, covering the U.S. healthcare sector.

OPE is an affiliate of $97 billion Canadian pension fund OMERS. A pioneer of in-house direct investing by a major institution, the firm earlier this year unveiled a new growth-equity platform, OMERS Growth Equity.

OPE is led by Mark Redman, an OMERS executive vice president and global head of PE. He joined in 2009 from 3i Group.