TORONTO - OMERS Private Equity ("OPE"), the private equity arm of the OMERS Worldwide group of companies, has partnered with management to purchase CBI Health Group ("CBI") from private equity firm Callisto Capital LP ("Callisto"). Terms of the acquisition were not disclosed.
Based in Toronto, CBI is the leading provider of outpatient rehabilitation and community health care services in Canada, as well as home health services in parts of Ontario and Alberta.
CBI was founded in 1982 and operates an extensive national network of 134 community and hospital based rehabilitation, medical and health care facilities. With more than 3,300 clinical and support staff, CBI is one of the largest providers of integrated health care services nationwide, offering comprehensive services in physiotherapy, occupational, behavioural and exercise therapies, as well as physician, chiropractic, psychology, nursing, speech, massage, home health and eldercare services.
"CBI is one of the largest, most diverse health care management companies in Canada and we look forward to working with a highly effective management team to continue the profitable growth that they have achieved over the last several years" said Don Morrison, Senior Managing Director and Canadian Country Head of OMERS Private Equity.
"CBI has gained its market-leadership position by consistently providing high quality health care outcomes throughout its broad service offering across Canada, and we believe that the Company's scalable platform is well-positioned for continued growth over the next several years" said Tim Patterson, Managing Director of OMERS Private Equity.
Chris Szybbo, President and CEO of CBI said, "Our extraordinary growth over the past five years, in partnership with Callisto, has been driven by our people, our culture and our superior outcomes for patients and customers. OPE will be an ideal partner for CBI's continued plans for growth. OPE's financial strength, coupled with its patient, long-term investment approach, will provide a solid platform for our ongoing success and leadership within the health care sector."
TD Securities Inc. acted as exclusive financial advisor to OPE in the transaction.
CIBC World Markets Inc. and Jefferies acted for Callisto.
Operating under the OMERS Worldwide brand, OMERS Private Equity manages the private equity activities of OMERS and has over $4.5 billion of investments under management. The group's investment strategy includes the active ownership of businesses in North America and Europe. OMERS Private Equity is headquartered in Toronto, with offices in New York and London. For further information visit: www.omerspe.com.
OMERS is one of Canada's largest pension funds, with over $48 billion in net investment assets. OMERS is a jointly-sponsored, multi-employer defined benefit pension plan that provides retirement benefits to more than 400,000 members who are employees and retirees of municipal governments, school boards, libraries, police and fire departments, children's aid societies and other agencies throughout Ontario. The OMERS Worldwide brand represents the OMERS investment interests, including OMERS Strategic Investments, OMERS Private Equity, OMERS Capital Markets, OMERS Investment Management Inc., Borealis Infrastructure, and Oxford Properties Group. OMERS was named 2010 Pension Fund of the Year, Canada by World Finance magazine.
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Senior Managing Director
OMERS Private Equity
OMERS Private Equity