London, UK, September 2, 2011 - OMERS Private Equity, the private equity arm of the OMERS Worldwide group of companies, today announces the successful closing of its previously announced acquisition of V.Group Ltd. ("V.Group") from Exponent Private Equity for an enterprise value of US$520 million. V.Group is the global market leader in outsourced ship management and a leading player in crew provision and related marine services.
V.Group enjoys a leading global market position in robust and growing market segments through its differentiated outsourcing-based business model and global network. The group has a track record of profitable growth and delivers a compelling customer value proposition and breadth of services which, combined with OMERS' significant financial resources and extensive international network, will enable the company to pursue organic and acquisitive growth, particularly in emerging markets. The company manages the running and maintenance of over 700 vessels on behalf of its customers and provides a variety of related services to these and other third party vessels. V.Group operates across 34 countries via its international network of 70 offices. V.Group’s highly experienced and talented management team will continue to lead the company.
OMERS announced on July 28, 2011 that it had signed a definitive agreement to acquire V.Group from Exponent Private Equity. Members of V.Group's management team remain significant investors in the business through continued equity ownership. The acquisition of V.Group was completed by the London office of OMERS Private Equity, which opened in September 2009 to build a mid-market private equity presence in Europe. In 2009, OMERS Private Equity co-led the investment in UK-based Haymarket Financial, a specialist commercial lender to European mid-market companies.
RBC acted as financial advisor, and Weil, Gotshal & Manges acted as legal counsel for the buyers.
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About V.Group Limited
V.Group (http://vgrouplimited.com) is a leading supplier of a broad range of specialist outsourcing services to asset owners and operators in the shipping, offshore, leisure and defence sectors. V.Group's Ship Management & Manpower Services includes V.Ships, the world's largest ship manager providing services to vessel owners and operators, V.Ships Leisure and V.Manpower. In addition, the Company offers a wide and growing range of marine services to maximise the operational capability of a diverse range of marine assets.
About OMERS Private Equity
Operating under the OMERS Worldwide brand, OMERS Private Equity today manages the private equity activities of OMERS and has over $5.5 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, Canada, with offices in London and New York. For further information visit: www.omerspe.com.
OMERS is one of Canada's largest pension funds with over $53 billion in net assets. It provides first-class pension administration and innovative products and services to over 400,000 members. Approximately one in every 20 employees working in the province of Ontario is an OMERS member. Through the OMERS Worldwide brand, our team of investment professionals uses a direct drive, active management investment strategy to invest in public and private market assets, including publicly-traded equities, fixed-income, infrastructure, private equity and real estate. The acquisition of V.Group by OMERS Private Equity builds on the recent success of OMERS' London office, following the acquisition of a 50% share in Mid City Place and commitment to develop 122 Leadenhall Street with British Land by Oxford Properties, and the investment in HS1 by Borealis Infrastructure.
For more information, please visit www.omers.com, or www.omersworldwide.com.