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OMERS Private Equity Further Expands US Portfolio Thorough Acquisition of TurnPoint Services

OMERS Private Equity Further Expands US Portfolio Thorough Acquisition of TurnPoint Services

“"Over the last 15 years, OMERS Private Equity has successfully executed on a strategy of partnering with top management teams at industry-leading companies to support accelerated growth.  TurnPoint is a great fit for this strategy, with its leading brands and the strength and experience of its leadership team."”

"Over the last 15 years, OMERS Private Equity has successfully executed on a strategy of partnering with top management teams at industry-leading companies to support accelerated growth.  TurnPoint is a great fit for this strategy, with its leading brands and the strength and experience of its leadership team."

OMERS Private Equity Further Expands US Portfolio Thorough Acquisition of TurnPoint Services

New York, November 17, 2020 – OMERS Private Equity announced today that it has acquired TurnPoint Services (“TurnPoint” or the “Company”) from Trivest Partners.  OMERS Private Equity invests on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada.  Terms of the transaction were not disclosed.

Based in Louisville, Kentucky, TurnPoint is a leading provider of residential services, including heating, ventilation, and air conditioning (“HVAC”), along with plumbing and electrical.  In addition to its focus on residential services, the Company has recently expanded its commercial offering.  TurnPoint has grown rapidly in recent years, through a combination of organic growth initiatives and acquisitions of leading brands in attractive markets.  The Company’s center of excellence, which leverages capabilities and best practices across all its brands, has been a key driver of this growth.  TurnPoint currently has 17 brands, which in aggregate employ over 720 technicians performing over 290,000 service jobs annually.

Kurt Bratton, CEO of TurnPoint, said: “We are excited to partner with OMERS in this next stage of growth for TurnPoint.  We believe there is a strong cultural alignment between our two organizations.  OMERS brings a track record of success in supporting high-growth, acquisitive companies, and we are eager to collaborate closely with them in the years ahead.”

Graham Brown, Managing Director, OMERS Private Equity, said: “Kurt and the team have built TurnPoint into a leader in the residential services space, and we look forward to partnering with them.  One of the most exciting elements of the strategy is TurnPoint’s use of technology to improve service delivery and customer experience.  The residential services industry is changing rapidly, and TurnPoint is well-positioned within this changing market.” 

Mark Dolfato, Senior Managing Director, OMERS Private Equity, said: “Over the last 15 years, OMERS Private Equity has successfully executed on a strategy of partnering with top management teams at industry-leading companies to support accelerated growth.  TurnPoint is a great fit for this strategy, with its leading brands and the strength and experience of its leadership team.  We are excited to welcome TurnPoint to our growing portfolio.”

This investment in TurnPoint follows previous investments by OMERS Private Equity in high-growth, acquisition-driven companies, including Community Veterinary Partners, Forefront Dermatology, National Veterinary Associates, and Caliber Collision Centers.  

Weil Gotshal & Manges LLP acted as legal counsel for OMERS Private Equity.  Harris Williams served as financial advisor for OMERS Private Equity.

For Further Information:

OMERS:
Neil Hrab, Manager, Communications – Investments
nhrab@omers.com
+1 416.369.2418

About OMERS and OMERS Private Equity

Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with C$109 billion in net assets as at December 31, 2019.  OMERS invests and administers pensions for more than half a million members through originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.

OMERS had private equity net investment asset exposure of C$15.7 billion as at December 31, 2019. OMERS Private Equity, the private equity investment arm of OMERS with a team of investment professionals in London, New York, Singapore and Toronto, seeks to use its significant and differentiated capital base to partner with management teams of industry leading businesses.  For more information, please visit www.omersprivateequity.com. 

About Trivest

Trivest Partners LP, with offices in Miami, Los Angeles, Philadelphia, Chicago, and Toronto, is a private investment firm that focuses exclusively on the support and growth of founder-led and family-owned businesses in the United States and Canada in both control and non-control transactions. Since its founding in 1981, Trivest has completed more than 350 transactions, totaling approximately $7 billion in value. To learn more, visit Trivest.com

About TurnPoint Services

TurnPoint Services partners with best-in-market service businesses while combining local brand equity and world-class technology to create high-value customer experiences.  Each business brings decades of experience serving both residential and commercial customers.  Every TurnPoint brand is committed to turning bad days into good ones by removing the usual frustrations customers experience with service contractors. 
 

"Over the last 15 years, OMERS Private Equity has successfully executed on a strategy of partnering with top management teams at industry-leading companies to support accelerated growth.  TurnPoint is a great fit for this strategy, with its leading brands and the strength and experience of its leadership team."