OMERS Private Equity ("OPE"), part of OMERS Private Markets, announces that it has agreed to sell V.Group ("V.Group" or the "Company") to Advent International ("Advent"). OPE will reinvest in a minority stake in V.Group, working with Advent and the management team to support the continued growth and development of the business.
V.Group is the leading independent global maritime service provider, specialising in the outsourced technical management of high value maritime assets and the provision of a wide-range of high value support services. The company manages the running and maintenance of over 1,000 vessels on behalf of its 300 clients and provides a variety of related services to these and other third party vessels. V.Group operates across 31 countries via its international network of 70 offices and maintains a seafarers pool of some 47,400 marine crew.
The sale of V.Group marks the first exit by OPE in Europe since establishing a presence in London in 2009.
Since acquiring V.Group in 2011, OPE has worked closely with the company to create the global market leader in maritime services primarily via rapid organic growth but also through selected acquisitions, notably of Bibby Ship Management and Selandia Ship Management Group. In line with its private equity strategy, OPE has used its differentiated capital base to support management in delivering identified growth initiatives and enhancing capabilities in Business Development, Finance, Operations, Technology, HR and M&A.
Mark Redman, Global Head of OMERS Private Equity, commented:
"The sale of V.Group is the first realisation by OPE in Europe and the fourth successful exit in 2016 by OPE globally. OMERS led the way among Canadian pension funds when we first established a private equity office purely focused on lead direct deals in Europe in September 2009. I am delighted that we have demonstrated ultimate proof of concept with this exit and am confident the global team shall continue to generate the long-term, stable returns necessary to meet the OMERS pension promise."
Martin le Huray, Co-Head, European Private Equity at OMERS Private Equity, commented:
"OPE identified V.Group’s significant potential several years ago and was pleased to partner with management to acquire the business in 2011. Since then, we have worked with them to create the differentiated, global market leading platform that V.Group is today. V.Group moves on from our period of majority ownership significantly enhanced and better placed to consolidate its position as the leading independent global maritime support services provider. Our continued belief in the business is demonstrated by us retaining a minority stake alongside Advent."
Clive Richardson, CEO, V.Group added:
"We have enjoyed great support and solid growth under OPE’s ownership, and our company has continued to strengthen its position in the market through our recent acquisitions of Bibby Ship Management and Selandia Holdings. V.Group has a unique offering in marine services and I look forward to working with Advent to help V.Group embark on the next phase of its journey."
Goldman Sachs acted as financial advisers to the Company; Weil acted as legal counsel and EY as financial diligence advisers.