Pension Fund Purchases Asset Management Business of Guard Resources Ltd.
CALGARY, February 11, 2009 -- OMERS has announced that OMERS Strategic Investments, a member of the OMERS Worldwide group of companies, has completed the purchase of the business of Guard Resources Ltd. (GRL). OMERS Strategic Investments intends to invest an additional $500 to $600 million of its equity to pursue acquisition opportunities in Western Canada within the oil and gas sector.
This new investment will be operating under OMERS Energy Services LP comprised of GRL’s employees and assets, including management contracts. GRL has been associated with OMERS direct investments in the oil and gas sector since 1984 and currently provides management services to OMERS Energy Inc. (OMERS Energy) pursuant to a management agreement.
Michael Nobrega, President and CEO of OMERS recently announced the appointment of Gordon W. Phillips, formerly President and CEO of Guard Resources as the new President and CEO of OMERS Energy Services LP. “Gord and his team have generated annual investment returns greater than 20 per cent over the past ten years and we have a long-standing relationship that made this deal a natural fit for our direct-drive asset management strategy,” says Nobrega.
By in-sourcing GRL, OMERS Energy Services LP will drive significant cost benefits, generate incremental revenue streams through administration of assets in addition to those of OMERS Energy, and ensure the availability of a dedicated team to pursue other opportunities for OMERS in the oil and gas sector in Western Canada.
Focus will be placed on properties where OMERS Energy Services LP can obtain operational control. The assets will be acquired through competitive bids and private sales.
About OMERS Strategic Investments
OMERS Strategic Investments is responsible for advancing OMERS global footprint on an enterprise-wide basis within Canada and globally with like-minded institutions, developing strategic co-investment relationships and alliances and investing strategically in global access companies that will integrate with and assist OMERS and its investment entities in discovering proprietary investment opportunities.
About OMERS
OMERS is one of Canada’s largest pension funds and was recently named one of Canada’s 50 Best Employers by Hewitt Associates. OMERS administers the pension plan and provides retirement benefits to more than 380,000 members operating across the municipal government sector in the province of Ontario. The OMERS Worldwide brand represents the various OMERS investment entities, including OMERS Strategic Investments, OMERS Private Equity, OMERS Capital Markets, Borealis Infrastructure and Oxford Properties Group.
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CONTACT INFORMATION:
Gordon Phillips
President & CEO
OMERS Energy Services LP
403-294-1336
