Investment Committee – November 20, 2018
Investment in Altice France’s Fibre to the Home Business
OMERS Infrastructure sought the approval of the Investment Committee to acquire a stake in a carve out of SFR’s fibre optic networks in France. SFR is a French telecommunications operator owned by Altice France.
Following a question and discussion period, the Investment Committee approved the acquisition.
In a press release issued November 30, 2018, OMERS and OMERS Infrastructure announced that an OMERS Infrastructure majority-led consortium, including Allianz Capital Partners (ACP) and AXA IM - Real Assets, acting on behalf of its clients, entered into an exclusivity agreement with Altice France to acquire a 49.99% stake in SFR FttH, a company to be formed by Altice France, which will hold and further develop Altice France’s existing fibre to the home business (FttH) in France. The deal is expected to close in Q1 2019.
Sale of Majority Interest in Caliber Collision Centers
OMERS Private Equity sought the approval of the Investment Committee to sell a majority interest in Caliber Collision Centers (“Caliber”), a collision repair provider in the United States. As part of the transaction, Caliber would be merged with Abra Auto Body Repair of America (a Hellman & Friedman LLC (“H&F) portfolio Company) to form a leading collision repair provider with more than 1,000 centers across 37 states. OPE also sought the approval of the Committee to retain a minority stake in the newly combined Caliber-ABRA entity.
Following a question and discussion period, the Investment Committee approved the disposition and subsequent reinvestment in the new company.
In a press release issued December 5, 2018, OMERS and OMERS Private Equity announced the sale of a majority interest in Caliber to funds affiliated with H&F and OPE’s significant minority reinvestment. The transaction closed in early 2019.