The private equity arm of the Ontario Municipal Employees Retirement System is selling a business software company to investment manager Partners Group for $1.72 billion.

Founded in Britain, Civica provides software, digital solutions and technology-based outsourcing services to public and private sector organizations around the world.

The pension fund acquired Civica in 2013 and will receive 2.6 times its original investment through the sale.

Read: CPPIB, OMERS buy PortsToronto headquarters for $96M

“The sale of Civica is OMERS Private Equity’s third realization 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,” said Mark Redman, global head at OMERS Private Equity, in a news release.

The pension fund has worked closely with Civica management to grow and develop the company since its acquisition in 2013, according to the release. Under OMERS’ ownership, Civica has acquired and integrated 12 complementary businesses.

“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,” said Martin le Huray, co-head of OMERS Private Equity in Europe.

Read: OMERS Ventures closes third fund with $300M in commitments

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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