The $85 billion Ontario Municipal Employees Retirement System’s (OMERS) private equity investment arm entered into an agreement Tuesday with independent private equity company Ardian, which grants OMERS exclusivity to acquire a majority stake in international calibration service specialist Trescal.
“With Ardian’s support, Trescal has expanded its footprint to new continents (South and North America, and Asia) and completed 25 acquisitions worldwide, reinforcing its global customer service offering,” Oliver Delrieu, CEO of Trescal, said in a statement. “We sincerely thank them for their constant support, availability, and enthusiasm. The team at OMERS Private Equity has demonstrated a depth of knowledge and a sincere interest in our future development.”
The proposed transaction, which values Trescal at roughly €670 million ($786.78 million), will see senior management make an equity re-investment into Trescal in tandem with OMERS Private Equity.
The exclusive agreement is also the Canadian-based OMERS Private Equity’s first investment in France.
“We have followed Trescal since 2014, and have been impressed by the quality and track record of Trescal’s management team led by Olivier Delrieu,” Jonathan Mussellwhite, co-head of OMERS Private Equity, Europe, said in a statement. “This is our third consecutive bi-lateral off-market transaction and OMERS Private Equity’s first investment in France; a significant and important market for us as we continue to expand our global investment footprint. We look forward to supporting Olivier and the team at Trescal in their continued development as a global market leader in calibration services.”
However, several conditions still need to be met for the proposed transaction, including customary approvals by the antitrust authorities and signing of a final agreement. The proposed acquisition is being fully underwritten by OMERS Private Equity.
As of December 2016, OMERS Private Equity has $11 billion of capital invested.
Tags: Asset Allocation, OMERS, OMERS Private Equity, Private Equity, Trescal