OMERS Private Equity has revealed it will exit Maxxam Analytics in a C$650 million (€447 million; $612 million) trade sale to France-based Bureau Veritas, according to an OMERS statement.
Bureau Veritas is a global testing, inspection and certification services provider. Maxxam is Canada's largest laboratory services provider and is focused on the energy, environmental, food and DNA industries.
Robert W. Baird & Co was the financial adviser to Maxxam on the sale process.
OMERS acquired Maxxam in September 2008 and since then the company's revenue has grown by 80 percent as it strengthened its market position both organically and through strategic acquisitions, according to the statement.
“This is OPE's third exit during 2013, all of which have achieved exceptional realised returns, highlighting the strength of our direct investment program,” said Don Morrison, OMERS' senior managing director and co-head of North America, in the statement.
In June, OMERS PE sold US Infrastructure Corp to Leonard Green & Partners, reportedly reaping a 3.5x return on its original investment, PEI reported earlier.
However, in July, Cengage Learning, an education textbook business bought by OMERS PE and Apax Partners in 2007 for $7.7 billion, filed for Chapter 11 bankruptcy protection.
Toronto-based OMERS Private Equity is the private equity arm of the Ontario Municipal Employees Retirement System (OMERS), a multi-employer pension plan for employees of the local governments in Ontario. It has C$6 billion in assets under management.
OMERS is one of Canada’s largest pension funds with C$60 billion in net assets.