The private equity arm of the Ontario Municipal Employees Retirement System is selling global maritime service provider V.Group Ltd. to Advent International and will reinvest in a minority stake in the organization.
According to a press release, the sale marks the first exit by OMERS’ private equity arm in Europe since it established a presence in London, England, in 2009. “The sale of V.Group is the first realization by [OMERS private equity] in Europe and the fourth successful exit in 2016 by [OMERS private equity] globally,” said Mark Redman, global head of OMERS’ private equity arm.
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“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.”
OMERS acquired V.Group in 2011. The company manages the operation and maintenance of more than 1,000 vessels on behalf of 300 clients and provides a variety of related services. It operates across 31 countries through its international network of 70 offices and maintains a seafarers pool of some 47,400 marine crew.