An Ontario pension fund is investing close to home by taking a stake in a provider of pension administration services.
OPSEU Pension Trust announced today it’s making a private equity investment in James Evans & Associates Ltd.
The Vancouver-based company currently provides pension services to OPTrust and has had a relationship with the pension plan for two decades.
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“JEA plays an essential role in the pension administration system at OPTrust,” said Hugh O’Reilly, the pension plan’s president and chief executive officer, in a news release. “Our investment in JEA represents a strategic investment with a valued provider that fits within the plan’s approach to innovation, strategic relationships and serving our members.”
James Evans provides services used to administer more than 1.5 million individual member pensions across public and union plans in Canada and the United States. “We are delighted to strengthen our long-standing relationship with OPTrust,” said president and chief executive officer Jim Evans.
“For more than 38 years, JEA has provided software solutions to the pension industry and we look forward to the opportunities that will undoubtedly come about as a result of this agreement,” he added.
OPTrust didn’t disclose the financial terms of the transaction.
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In other investment news, the private equity arm of the Ontario Municipal Employees’ Retirement System will acquire a minority stake in National Veterinary Associates.
The company operates veterinary hospitals and pet boarding centres in the United States and Canada. It has 502 locations and affiliations with more than 1,800 veterinarians.
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“We are excited for the additional value and support for growth that this new investment will bring as we continue to execute on our strategy of partnering with veterinarians in ways that help support the delivery of quality medicine to pets and outstanding service to clients,” said Greg Hartmann, president and chief executive officer at National Veterinary Associates.
“We also believe partnering with such a respected Canadian and international investor will help as we continue to execute on our growth strategy in the U.S., Canada and abroad.”
OMERS did not disclose the financial terms of the transaction, which is expected to close during the third quarter of 2017.