OMERS private equity, the private equity arm of the Ontario Municipal Employees Retirement System, has agreed to sell baked goods company Give and Go Prepared Foods to affiliates of Thomas H. Lee Partners (THL).
Toronto-based Give and Go Prepared Foods, which has been owned by OMERS private equity since 2007, made two strategic acquisitions, as well as significant capital investments to support its growth.
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“This transaction represents the logical next step in Give and Go’s continued progress as an industry-leading platform,” said Phillip Mauchel, managing director of OMERS private equity, in a news release.
Michael Graham, head of North America for OMERS private equity, added: “Today’s announcement marks another successful realization in the OPE portfolio – the seventh exit in the last three years. Give and Go has performed very well as an investment for OMERS returning approximately [three-times] our original investment.”
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“The OPE team have been great long-term partners, and have provided significant support to our growth agenda over the past decade,” said Joel Flatt, chief executive officer of Give and Go. “We are excited about our new partnership with THL who have an excellent track record, and are aligned with our own desire to build Give and Go through continued innovation leadership and an accelerated acquisition plan.”
RBC Capital Markets, Scotiabank and BMO Capital Markets served as financial advisors on the sale. Goodmans LLP and Sidley Austin LLP acted as legal counsel.
The transaction is expected to close in the third quarter of 2016, subject to customary conditions.