The Ontario Municipal Employees Retirement System’s infrastructure arm is selling its interest in DoProcess, an Ontario-based software provider for legal professionals.
The sale will give full ownership to software producer Dye & Durham Ltd. and is expected to generate approximately $530 million for the OMERS, including $30 million of Dye & Durham common shares. The pension fund acquired DoProcess in 2008 as part of its purchase of Teranet Inc.
“We’re very proud of how the Teranet team has subsequently grown DoProcess, creating significant value for our members and believe that Dye & Durham is well positioned to continue supporting that success,” said Michael Ryder, senior managing director and head of Americas for OMERS Infrastructure, in a press release.
In other investment news, the Caisse de dépôt et placement du Québec is entering a joint venture with cement producer Votorantim Cimentos International to invest in the production, distribution and sale of cement across North America.
The Caisse will hold a 17 per cent stake in the joint venture through its investment in the McInnis Cement Inc. holding limited partnership. The joint venture will combine the assets of both parties in a single entity, including Votorantim Cimentos’ plants in Illinois, Michigan and southern Ontario, as well as McInnis Cement’s Port-Daniel Gascons plant and terminals in Quebec. The Caisse has made multiple investments into the Port-Daniel Gascons plant, including a $200-million loan in conjunction with Beaudier Inc. last year.
“The creation of this combined entity allows us to partner with a world-class player with an established presence and strong track record of profitability in North America to operate the McInnis Cement plant in Port-Daniel Gascons, one of the most modern and efficient facilities in the region,” said Kim Thomassin, executive vice-president and head of investments in Quebec and stewardship investing at the Caisse, in a press release.