OMERS selling stake in software company, Caisse investing in cement producer

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.

Read: OMERS selling stake in Detroit rail tunnel

“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.

Read: Caisse, partner adding $200 million to McInnis Cement refinancing