OMERS Private Equity related stories
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OMERS Private Equity to sell V.Group to Advent InternationalOMERS Private Equity (OPE) has agreed to sell V.Group, a provider of maritime services to the commercial shipping, cruise, energy and defence industries, to U.S. private equity firm Advent International. No financial terms were disclosed for the deal, which will see OPE re-invest in a minority stake in the company. OPE acquired London, U.K.-based V.Group for US$520 million in 2011. During its period of majority ownership, OPE said it supported the company's organic growth and growth via acquisitions, including Bibby Ship Management and Selandia Ship Management. Mark Redman, global head of OPE, said the sale is OPE's first realization in Europe and fourth exit this year.
Dick's wins auction for U.S. business of bankrupt Golfsmith: ReutersDick's Sporting Goods Inc, teamed up with liquidators, won a bankruptcy auction on Friday for the U.S. business of Golfsmith International Holdings Inc with a bid of about US$70 million, sources told Reuters. Dick's plans to keep open at least 30 Golfsmith stores and wind down the rest with liquidators from Hilco Global and Tiger Capital Group, the sources said. Golfsmith, which recently filed for bankruptcy in the United States and Canada, has been backed by OMERS Private Equity since 2007.
Dick's prepares bid for bankrupt retailer Golfsmith's U.S. stores: ReutersDick's Sporting Goods Inc is preparing a bid for the U.S. business of bankrupt Golfsmith International Holdings Inc, challenging an offer by rival retailer Worldwide Golf Shops, sources told Reuters. The auction will the test the value of Golfsmith, which suffered because of competition from discount retailers, as well as golf's waning popularity among younger customers. Golfsmith, owned by OMERS Private Equity, filed for bankruptcy in the United States and Canada last month.
Worldwide Golf eyes U.S. assets of bankrupt chain Golfsmith: ReutersWorldwide Golf Shops is exploring an offer for the U.S. business of bankrupt chain Golfsmith International Holdings Inc, according to people familiar with the matter, as the golf retail sector grapples with the sport's waning popularity. Golfsmith, the world's largest specialty golf retailer, filed for Chapter 11 bankruptcy in the United States and for creditor protection in Canada last month. Its owner is OMERS Private Equity, the buyout arm of one of Canada's largest pension funds.
Penfund’s fifth mid-market fund closes above hard cap, raising $724 mlnPenfund, one of Canada’s oldest private equity firms, has wrapped up its fifth mid-market fund, raising $724 million in committed capital with the help of an expanded investor base. Penfund Capital Fund V shot past its original goal of $525 million earlier this year. Last week it was closed above its hard-cap target of $700 million. The fund is the largest in Penfund’s 37-year history, exceeding by 57 percent the $460 million secured by its predecessor in 2012.
OMERS, Harvest Partners tie up $1 bln acquisition of EpiqOMERS Private Equity and Harvest Partners have closed their take-private acquisition of Epiq Systems Inc, a Kansas City, Kansas-based provider of technology and services to the legal profession. Announced in July /canada/2016/7/3345329/ the deal was valued at about US$1 billion. As a result, Epiq has been merged with DTI, a U.S. legal processing outsourcing company backed by OMERS since August 2014. The combined business, headquartered in Atlanta, Georgia, will have more than 100 locations around the world.
OMERS and Harvest complete take-private buy of Epiq, which will merge with DTIOMERS Private Equity and Harvest Partners have closed its previously announced acquisition of Epiq Systems Inc for $16.50 per share. Epiq will be combined with DTI, a U.S. legal processing outsourcing company, which is owned by OMERS. As a result of the transaction. Epiq will stop trading on the NASDAQ. Based in Kansas City, Kansas, Epiq is a provider of integrated technology and services for the legal sector.
OMERS Private Equity sells U.S. dental business to Roark CapitalOMERS Private Equity (OPE) has sold Great Expressions Dental Centers, a U.S. dental support organization with 269 affiliated practice locations across ten states. No financial terms were disclosed for the deal, which saw the company acquired by U.S. private equity firm Roark Capital Group. OPE bought Great Expressions from Audax Group in October 2011. It said the company entered three new markets and added 108 new locations during OPE's period of ownership. Great Expressions is OPE's eighth exit in the last three years, Senior Managing Director Michael Graham said. The firm's other recent exits include Give & Go Prepared Foods Corp, sold to /canada/2016/8/omers-private-equity-triples-investment-in-give-go-sale/ Thomas H. Lee Partners last month.
OMERS-backed Kenan Advantage acquires Agri-CarriersThe Kenan Advantage Group Inc, a portfolio company of OMERS Private Equity, has acquired Agri-Carriers Group Inc (ACG), a Jackson, Illinois-based provider of food-grade transportation services. The deal, the terms of which were not disclosed, includes ACG's two trucking operations, Landes Trucking and Charles G. Lawson Trucking. Kenan, a tank truck transporter and logistics specialist, said the acquisition is a strategic fit that doubles the size its food transportation business. North Canton, Ohio-based Kenan was bought by OMERS /canada/2015/6/omers-private-equity-to-acquire-trucking-business-kenan-advantage/ from Goldman Sachs Capital Partners and Centerbridge Partners last year.
Golfsmith files for bankruptcy, to sell Canadian retail chain: ReutersSpecialty golf retailer Golfsmith International Inc, a portfolio company of OMERS Private Equity, has filed for Chapter 11 bankruptcy and agreed to sell its Canadian retail chain to a group led by Fairfax Financial Holdings Ltd and a unit of CI Investments Inc, Reuters reported. Golfsmith listed both its assets and liabilities at between US$100 million and US$500 million, according to a filing with the U.S. Bankruptcy Court for the District of Delaware. The company said it plans to sell itself as a going concern and partially liquidate the business. However, if the plan fails, the company plans a full liquidation. Austin, Texas-based Golfsmith said it was working with its first-lien lenders to finalize the terms of a US$135 million debtor-in-possession financing facility.