OMERS Private Equity today announced that it has signed an agreement to sell a majority interest in Caliber Collision Centers (“Caliber”) to funds affiliated with Hellman & Friedman LLC (“H&F”). As part of this transaction, Caliber will be merged with Abra Auto Body Repair of America (an H&F portfolio company) to form a leading collision repair provider with more than 1,000 centers across 37 states. OMERS Private Equity will retain a significant minority investment in the combined company. OMERS Private Equity is the private equity arm of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada.
“It has been an absolute pleasure to partner with CEO Steve Grimshaw and the Caliber team over the past five years,” said Tim Patterson, Managing Director at OMERS Private Equity. “Since we first invested in Caliber in November 2013, Caliber has grown fourfold – from 157 collision centers in five states to over 630 centers in 19 states today, driven by a truly inspiring culture and unmatched dedication to customer service. We are excited to support Steve and the combined team going forward as they continue their mission.”
“The OMERS team has been a true partner over the past five years,” said Steve Grimshaw, CEO of Caliber Collision. “Their long-term focus, values and work ethic align perfectly with Caliber – and we’re proud that OMERS will continue as our partner as we embark on the next chapter of growth.”
“Today’s announcement represents OMERS fourth private equity portfolio company realization in 24 months, following the sale of MatrixCare this year, and Husky Injection Molding and Civica last year. Each sale has resulted in strong income, supporting OMERS core commitment of delivering secure and sustainable pensions for our members and retirees,” said Michael Graham, Head of North America for OMERS Private Equity.
“While we are proud of what we achieved in partnership with Steve and the Caliber team, we are just as excited about our on-going investment. Across our global offices, OMERS Private Equity continues to seek opportunities to partner with great leaders who are building value for the long-term.” he added.
The transaction is expected to close early in 2019.