8 May 2013, London: OMERS Private Equity ("OPE"), the private equity investment arm of the OMERS pension plan, has completed the purchase of Civica, a market leader in specialist systems and business process services, from 3i Group plc and funds managed by 3i ("3i") for an enterprise value of £390 million.
Civica has broad capability and a market leading position across local government, education, social housing, health care, and blue light services, together with other regulated markets. Since 3i invested in Civica in 2008 the company has delivered a strong track record of organic growth, driven by a clear strategy to help the Group's customers to improve service delivery and efficiency through a combination of software applications, cloud-based solutions and specialist outsourcing. In the same period, employee numbers have increased from 1,350 to over 2,000, approximately 60 per cent of which are in the UK.
OPE will support the existing Civica management team in building on growth opportunities, and to combine this with selective acquisitions to further enhance the product and service capabilities of the company. Civica fits OPE's selective acquisition criteria, as a market leader with a proven track record in an industry with considerable long term growth potential and high levels of recurring revenues.
Mark Redman, senior managing director & country head - Europe of OMERS Private Equity commented: "We are very pleased to be working with the management at Civica to support the company's next phase of development. Civica has a proven track record and we are confident that together we can build an even greater business."
Simon Downing, chief executive of Civica, said, "This is a very positive development to support our continued growth for the benefit of customers, employees and other stakeholders. There is no change to our trading companies as we carry on business as normal led by the existing management team, and we remain committed to our strategy and to the long term development of Civica. We believe that our long term commitment to customers, along with supportive investors, will continue to provide the foundation of the future success of the business and I look forward to working with OPE whose approach is an ideal fit for Civica and our customers."
Civica (www.civica.co.uk) is a market leader in specialist systems and business process services for organisations across the public sector and around the world. Through experienced people who understand service delivery, the Group applies software, cloud-based services and outsourcing to help customers transform the way they work. Drawing on a unique combination of people, technology and business process expertise, Civica supplies more than 2,500 organisations in the UK, Australia, New Zealand, Singapore, Canada and the USA.
About OMERS Private Equity
Operating under the OMERS Worldwide brand, OPE today manages the private equity activities of OMERS and has over $6 billion of investments under management. The group's investment strategy includes the active ownership of businesses in North America and Europe. OPE 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 $60 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.
For more information, please visit www.omers.com, or www.omersworldwide.com.