OMERS Private Equity ("OPE"), the private equity investment arm of OMERS, has completed the previously announced sale of Canadian healthcare IT firm Logibec Inc. to US private equity firm GI Partners.
Logibec is a leading Canadian healthcare IT company with an innovative and client-focused approach to the development, marketing, implementation and support of clinical and administrative information systems for the health and social services sectors.
"This was another very good software investment for OPE, a sector of focus where we continue to seek to acquire high-quality assets,” said Lisa Melchior, Managing Director at OPE.
Logibec was founded in 1982, and taken private by OPE in 2010. The company has grown substantially since then, and has been recognized and ranked No. 1 amongst Top Pure-Play Health Care IT Companies in Canada for the past four years in the Branham 300 Industry survey.
“This is the fifth successful realization for OMERS Private Equity in the past two years; further evidencing the strong value being delivered on our strategy for members of the OMERS pension plan,” said Michael Graham, Executive Vice President & Senior Managing Director, OPE North America.
OPE continues to hold Logibec’s former subsidiary MatrixCare, the industry leading Electronic Health Record provider for long-term care and senior living providers, following completion of a pre-closing spin out transaction.
Harris Williams & Co and National Bank Financial acted as financial advisers and Goodmans LLP acted as legal counsel.