London, UK, July 28, 2011 - OMERS Private Equity, the private equity arm of the OMERS Worldwide group of companies, today announces that it has signed a definitive agreement to acquire 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. 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.
“I look forward to partnering with OMERS Private Equity in continuing to build a market-leading company delivering outstanding service and value to our customers,” said Clive Richardson, who will continue to lead V.Group as CEO. “V.Group has a tremendous future and the management team is excited to be working with our new partners in the next chapter of growth for our business.”
“V.Group has an attractive and differentiated outsourcing-based business model and is led by an exceptional management team,” said Mark Redman, Senior Managing Director of OMERS Private Equity in Europe. “We believe V.Group’s extensive global network, track record of profitable growth, compelling customer value proposition and breadth of services provide significant long-term potential. As a global leader operating in robust and growing segments of the market, we believe the future opportunities for V.Group are extremely attractive. We look forward to using our significant financial resources and extensive international network to support management’s strategy for organic and acquisitive growth, particularly in emerging markets.”
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.
OMERS Private Equity expects to close the transaction by early September 2011. The management team of V.Group is expected to be a significant investor in the business through continued equity ownership.
Financing will be provided by RBC Capital Markets. RBC acted as financial advisor, and Weil, Gotshal & Manges acted as legal counsel for the buyers.
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About V.Group Ltd.
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.