Library Technology Guides

Product and Company News and Announcements

Press Release: Civica [July 24, 2017]

OMERS Private Equity agrees sale of Civica to Partners Group

London, July 24, 2017: OMERS Private Equity, the private equity arm of OMERS, the pension plan for municipal employees in Ontario, announces that it has agreed to sell Civica (the "Company") to funds managed and/or advised by Partners Group, the global private markets investment manager, for a total consideration of 1,055m, generating a 2.6x money multiple for OMERS.

Civica is a leading provider of business-critical software, digital solutions and technology-based outsourcing services to both public sector organisations and to commercial organisations in highly regulated sectors, in the UK and around the world. It has extensive capabilities and presence across local and central government, social housing, healthcare, education and public safety. The Company employs approximately 3,700 employees, around 75% of which are based in the UK, with a strong focus on its people and culture.

Civica's software and services support over two million professionals every day, streamlining services provided to 100 million people and businesses and serving 2,000 major customers in 10 countries. Since launch in 2002 Civica has established offices around the world, in the UK and Ireland, Australia, Singapore, India and North America.

Since acquiring Civica in 2013 with management, OMERS Private Equity has worked closely with the company to support its continued growth and development, investing behind key organic initiatives to ensure a strong operating foundation, and M&A, where the Company has acquired and successfully integrated 12 highly complementary businesses during our ownership.

During this period of sustained financial and operational success Civica's management team has been led by founder and Executive Chairman Simon Downing, together with CEO Wayne Story and CFO Phill Rowland.

Martin le Huray, Co-Head of OMERS Private Equity in Europe, said:

"As a market leader with a highly attractive track record in an industry with considerable long term growth potential and a proven, highly capable and ambitious management team, Civica was a perfect match for OMERS Private Equity, our partnership approach and our substantial, unconstrained capital base."

"Since 2013 we have supported the Company in its ambitious growth strategy with great results, as the company has expanded both the breadth and quality of its products and services to its customers. Civica moves on from our period of ownership significantly enhanced in scale and capability and well placed to further deliver critical services to its customers around the world. We wish the business, its management and its employees the very best for the future."

Mark Redman, Global Head of OMERS Private Equity, said:

"The sale of Civica is OMERS Private Equity's third realisation in Europe and our tenth successful exit globally in the past three years, and further evidence of OMERS Private Equity's ability to support market leading businesses and their management teams in achieving their potential, to deliver superior returns to the OMERS members."

Simon Downing, Executive Chairman, Civica said:

"We have enjoyed an extremely positive relationship with OMERS over the last four years. They shared our vision for the company and have fully supported us with their differentiated approach and unconstrained capital. The business has grown significantly over the period and it has been a pleasure working with OMERS and the wider team to deliver our plan. We see significant further potential for the business, and look forward with enthusiasm to the next stage of the Civica's development working together with Partners Group."

Wayne Story, Civica chief executive officer, added:

"With the valuable support and commitment of OMERS, Civica has continued our strong track record both financially and operationally, driven by the ongoing successful execution of our strategy. We remain committed to that strategy and, with our highly relevant combination of specialist software, digital solutions and technology-based services, together with investments made in resources and management, the business is in a strong position and we are excited by the future possibilities."

Goldman Sachs International and Nomura International plc acted as financial advisers to the Company; Weil Gotshal acted as legal counsel; EY as financial, operational and tax diligence advisers.


Summary: OMERS Private Equity, the private equity arm of OMERS, the pension plan for municipal employees in Ontario, announces that it has agreed to sell Civica (the "Company") to funds managed and/or advised by Partners Group, the global private markets investment manager, for a total consideration of 1,055m, generating a 2.6x money multiple for OMERS.
Publication Year:2017
Type of Material:Press Release
LanguageEnglish
Date Issued:July 24, 2017
Publisher:Civica
Company:
Company: Civica
Subject: Mergers and acquisitions
Permalink: https://librarytechnology.org/pr/23719

LTG Bibliography Record number: 23719. Created: 2018-09-10 15:46:12; Last Modified: 2018-09-10 15:47:35.