OMERS Private Equity, the private equity arm of OMERS, the defined benefit pension plan for Ontario’s municipal employees, has today announced an agreement to sell MatrixCare Holdings Inc. (“MatrixCare”, or the "Company") to ResMed Operations Inc. (“ResMed”) for US$750 million.
Based in Minneapolis, Minnesota, MatrixCare is an industry leading, SaaS-based, long-term post-acute care (“LTPAC”) technology provider used in more than 13,000 facility-based care settings and 2,500 home care, home health and hospice organizations.
“We first acquired MatrixCare as part of a larger acquisition in 2010. Since bringing John Damgaard in as CEO in 2012, OMERS has worked with John and the Company to enhance its ability to serve customers across the LTPAC continuum,” said Mark Van Wart, Managing Director, OMERS Private Equity. “Throughout our collaboration with MatrixCare, we proudly supported growth investments through acquisitions and the development of new products. These initiatives, coupled with MatrixCare’s strong management expertise, have established the company as a market leader in the LTPAC software space. We wish John and his team great success,” he added.
"OMERS Private Equity is world-class in every respect and has been a powerful partner for us,” said John Damgaard, President and CEO of MatrixCare. “Their unwavering commitment and support of MatrixCare has been a key contributor to the Company's success," he added.
“Matrixcare is OMERS third portfolio company sale in 24 months, following the sales of Husky Injection Molding and Civica last year. All three transactions have generated strong income toward our core commitment of delivering stable and sustainable pensions for OMERS members. While we announce this additional successful exit today, we of course continue to focus on advancing our strategy of investing in companies with solid business fundamentals, strong management teams, and opportunities to grow both organically and through acquisitions,” said Michael Graham, Head of North America for OMERS Private Equity.
William Blair acted as financial adviser to the Company; Sidley Austin LLP acted as legal counsel. The transaction is expected to close in the fourth quarter of 2018, subject to customary conditions.